TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Genting Hong Kong reveals US$1.72 billion loss in 2020 but confident of lender support from [Asagm] recommended by TheTourAttraction.com:
The Hong Kong-listed firm announced in August that it was temporarily suspending all payments to the group’s financial creditors in order to preserve liquidity.
Asian-based cruise ship operator Genting Hong Kong says it remains confident its lenders will support a restructuring of its outstanding debts, despite suffering a massive US$1.72 billion loss for the year ended 31 December 2020.
The Hong Kong-listed firm, which is also a joint venture partner in Philippines IR Resorts World Manila, announced in August that it was temporarily suspending all payments to the group’s financial creditors in order to preserve liquidity as the COVID-19 pandemic grounded its global cruise ship fleet.
The full depth of its woes were laid bare this week with Genting Hong Kong revealing a FY20 loss of US$1.72 billion, widened from a loss of US$158.6 million in 2019 on a 76.5% year-on-year decline in revenue to US$366.8 million. The 2020 results included an Adjusted EBITDA loss of US$385.8 million compared to positive EBITDA of US$142.5 million in 2019.
Providing an update on its net debt position of US$3.14 billion as at 31 December 2020, Genting Hong Kong said it has been in discussions with its key financial partners since last August and described their response as supportive.