GHK/Genting Hong Kong's Star Cruises Asia selling Star Market to Resorts World for $3.5M

   September 14, 2022 ,   Cruise Industry

The former cruise shipowner (now under the control of liquidators) GHK-Genting Hong Kong announced that its subsidiary and travel brand Star Cruises Asia Holding Ltd had reached an agreement to sell its wholly-owned Star Market to Resorts World for US$3,5M. Star Market Ltd owns trademarks and intellectual property rights.

Resorts World is 50% owned by Lim Kok Thay/50% by Genting Berhad - the parent company of Genting Group of which Lim also holds ~30% shares.

GHK’s liquidators previously outlined their intention to sell off the assets of the company in order to settle debts, including the 50% stake in Philippines IR, Resorts World Manila (RWM).

Banking syndicates took enforcement action in relation to some of the GHK's former cruise ship assets, some of which have been arrested and later sold.

Star Pisces cruise ship

GHK, with debts totaling ~US$2,8 billion, announced the appointment of liquidators in January 2022 after defaulting on loans when it was not able to drawdown a US$88M backstop facility from Germany's Mecklenburg Vorpommern state for the operation of its German shipbuilding subsidiary MV Werften Holdings Ltd.