At the same date, total borrowings amounted to $3.38bn, capital commitment was $1.16bn and cash and cash equivalents (excluding bank overdrafts) were $242.8m.
Hit hard by the COVID-19 pandemic which suspended most ship operations and temporarily shuttered its shipyards, Genting HK has been engaged in restructuring efforts since last August.
The group obtained a debt holiday for 2020 borrowings that amounted to $151.4m originally due and payable by the end of 2020. Without further extension, these borrowings are to be paid from April.
Restructuring negotiations progressing
At year s end, Genting HK was in default for principal on borrowings totaling $3.39bn. This week, the group received a letter from major creditors for $1.74bn of that, acknowledging significant progress in the restructuring negotiations and that credit approval processes were under way to be able to enter into binding terms.
Hibbing, MN, USA / 93.9 WTBX
Apr 1, 2021 12:28 PM
FRANKFURT (Reuters) - Lufthansa said on Thursday it would seek approval for a possible capital increase of up to 5.5 billion euros at its annual general meeting in May.
The German air carrier said any proceeds of any capital increase would be mainly used to repay Germany s Economic Stabilization Fund (WSF), which bailed out the airline last year when the coronavirus pandemic halted global travel.
Lufthansa shares ended 3% lower on Thursday, the worst performer of Germany s MDAX mid-cap index.
(Reporting by Klaus Lauer; writing by Tom Sims; editing by Chris Reese) ); } return false; }); $( #comments .commentlist .comment-content a ).attr( target , blank );
Lufthansa to seek approval for possible capital increase at AGM reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Patrick Legros, Estelle Cantillon
The COVID-19 pandemic has led to a substantial drop in air travel. Valuable time slots at major airports in the EU and elsewhere are largely allocated based on a use-it-or-lose-it scheme. However, airlines currently cannot use the slots to a sufficient degree and are at the risk of losing them. This is perceived as a threat by incumbent airlines but as a opportunity by others who have been trying to get access to major airports for a long time. The European Commission recently adopted a proposal on airport slot relief for the summer 2021 scheduling season, which allows airports to retain their slots if they use them at 40% rather than the usual 80% minimum.