Former customer of the MV shipyards
Dream Cruises also files for bankruptcy
01/28/2022 4:52 p.m
After the bankruptcy of the parent company, Genting subsidiary Dream Cruises is now also filing for bankruptcy. The shipping company was originally supposed to take over the almost finished cruise ship “Global Dream” from the MV shipyards. Its future remains unclear.
The subsidiary Dream Cruises of the insolvent MV shipyard owner Genting Hong Kong has filed for bankruptcy in Bermuda. “It is still unclear to us what will become of the Genting Group,” said the preliminary insolvency administrator of the MV shipyards, Christoph Morgen, in Wismar. It is still unclear whether the company will emerge from the process restructured or will be dissolved.
Dream Cruises is the original customer of the cruise ship “Global Dream”, which has been 75 percent completed by the MV shipyards. Tomorrow is already looking for an alternative buyer for the ship, which costs around 1.5 billion euros and has a capacity of 10,000 passengers. According to him, talks and appointments are currently being made.
It was previously unclear whether Dream Cruises will also file for bankruptcy, as the company is not fully owned by Genting, but other parties are involved in the shipping company. The company’s announcement on the application for insolvency now states that a court date for the appointment of the insolvency administrator should take place as soon as possible, an exact date was not given. Dream Cruises is of the opinion that a reorganization of the company would be financially more advantageous for investors than a liquidation.