MV Werften—the German cruise ship builder controlled by Malaysian billionaire Lim Kok Thay’s Genting Hong Kong—has filed for bankruptcy after failing to reach an agreement with the German government to support additional financing for a mega cruise ship the company is building for Genting Hong Kong.
As the travel industry grappled with the lingering impact of the Covid-19 pandemic, Genting Hong Kong sought additional financing to complete the construction of the 342-meter-long cruise ship, dubbed the Global Dream, which could accommodate as many as 9,500 passengers. While agreements were secured with creditors in June 2021, Euler Hermes, the German government’s export credit insurance agency, refused to confirm
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