BERLIN—A German court will rule next week in a case brought by Genting Group against a German regional government after a row over funding for cruise shipbuilder MV Werften, which filed for insolvency on Monday. Genting, led by Malaysian tycoon Tan Sri Lim Kok Thay, bought MV Werften in 2016. The pandemic has hit the global travel industry, including cruise operators, and led to production stops at shipyards that build cruise ships. Genting’s subsidiary Genting Hong Kong said on Tuesday the German government and the German federal state of Mecklenburg-Vorpommern had withheld a total of $336 million in funding it was promised. Included in that was an $88 million backstop facility from Mecklenburg-Vorpommern that the Hong Kong group said it was due to draw down, but said that the German state imposed additional pre-conditions in December. The German government has said Genting Hong Kong had turned down aid that was …
German Court to Rule in Row Over Funding for Cruise Shipbuilder MV Werften
January 12, 2022
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