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Travel & Leisure

Investors abandon Genting cruise unit after debt freeze

Hong Kong-listed business misses finance payment for new ship

The World Dream is part of Genting's fleet of cruise ships. The business has fallen on tough times due to the pandemic.   © Reuters

HONG KONG -- Investors dumped shares of Genting's Hong Kong-listed cruise business on Thursday after the unit froze payments to creditors and said it was seeking a debt restructuring.

The cruise industry has been among the sectors worst hit by the coronavirus pandemic, with large-scale outbreaks on several ships early in the pandemic and controls on international travel sending ticket sales plummeting. Hundreds of liners have been kept in dry dock.

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