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Casino cruise ship operator and Philippine joint venture casino operator Genting Hong Kong Ltd confirmed on Tuesday that the group's shipbuilding arm, MV Werften Holdings Ltd., in Germany, filed for bankruptcy on Monday. The decision to file for bankruptcy protection came after the company and German authorities failed to reach an agreement on financial support for the construction of a large cruise ship.

In its filing, Genting Hong Kong said the MVWH insolvency report "causes a default event" under Germany's existing facility contract, which would "create a cross default event" based on the group's specific financing arrangements. That would represent a total principal amount of just over US$2.77 billion.

"The group's relevant creditors under these cross-debt financing agreements have the right to demand payment of the debt or take action under the terms of their respective financing agreements," the Hong Kong-listed firm said.

Genting Hong, part of Malaysian conglomerate Genting Bhd, controls Dream Cruise, Crystal Cruise and Star Cruise brands. The group has been struggling with the impact of the COVID-19 pandemic on its cruise and shipbuilding businesses.

In May 2021, Genting Hong Kong said it had entered into an agreement on the group's "whole recapitalisation" and "modification and extension" of the group's financial debt.

"On January 10, 2022 (Germany time) MVWH and some of its subsidiaries, which are indirectly wholly-owned subsidiaries of the company, have filed for bankruptcy proceedings in the competent German courts," Genting Hong Kong said in a filing with the Hong Kong Stock Exchange on Tuesday

The group's financial woes also prompted bankruptcy filings by another shipyard, Lloyd Werft Bremerhaven AG, which owns in Germany.

Germany blames the collapse of its shipyard business on Genting Group, according to the Associated Press. German authorities say they are willing to discuss a 600 million euro ($678 million) bailout plan, but want Genting to contribute at least 10% to rescue efforts.

Genting Hong Kong confirmed in a recent filing that German authorities had sought to replace existing financing structures with new financing proposals "to impose additional conditions on funding expenditures."

Among the additional conditions were that participating banks at existing facilities would have to "subordinate existing security" in favour of Germany's economic stabilisation fund under the new agreement, and that Genting Hong Kong's controlling shareholder would have to provide MVWH and its subsidiaries with an additional 60 million euros of new funding.

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