KUALA LUMPUR: Genting Hong Kong is set to get 193 million euros (US$227 mil) from the German government for its struggling shipyards in the country, Nikkei Asia reported on Wednesday. The federal government is bailing out MV Werften," said Harry Glawe, economic minister of Mecklenburg-West Pomerania, the state where MV Werften is located. Nikkei Asia reported Genting had applied for 570mil euros from Germany's coronavirus stabilisation fund. A decision on whether to grant Genting the full amount requested now depends on an assessment of the company's overall prospects. In August, Genting Hong Kong froze payments to creditors and said it was seeking a debt restructuring.

Source: The Star October 07, 2020 05:03 UTC