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Crystal Endeavor named at MV Werften, future newbuild plans disclosed

Crystal Endeavor named at MV Werften, future newbuild plans disclosed
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$2 6 billion recapitalization for Genting Hong Kong

Subject to final approval by certain creditors and stakeholders, the restructuring is expected to be implemented as soon as possible within the coming months. The recapitalization involves a new €215m subordinated secured loan facility and an €85m silent participation, which takes effect via provision of a limited-recourse equity stake to the lender in exchange for contributing funding. €300m in new funding from Germany s WSF There is €300m in new funding from Germany s Economic Stabilization Fund (WSF) for MV Werften and/or certain subsidiaries to complete the building of Crystal Endeavor and Global Dream. This will be guaranteed by Genting HK and certain wholly owned subsidiaries of MV Werften and secured by a composite security and guarantee package.

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