A cruise ship operator controlled by Malaysian tycoon Lim Kok Thay plunged as much as 33% in Hong Kong after the company suspended all payments to creditors.
Genting Hong Kong Ltd. said it will use its available funds to maintain critical services for the company’s operations and asked creditors to form a steering committee to evaluate a planned restructuring proposal, according to a statement to the Hong Kong stock exchange on Wednesday night. The company owed a total of $3.4 billion as of July 31, it said.
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