Lending reports

Reports Say Disney Cruise Line Will Buy Former Genting Hong Kong Global Dream Cruise Ship – IAG

Disney Cruise Line, a subsidiary of The Walt Disney Company, is reportedly in talks to purchase and complete construction of world dream – the unfinished 9,000 passenger cruise ship previously built by Genting Hong Kong.

According to a cruise media report Hive Cruise, Disney is set to strike a deal that would see construction of Global Dream continue at Genting Hong Kong’s former MV Werften shipyards in Wismar, Germany. No sale price has been confirmed, though it’s unlikely Disney Cruise Line will be required to pay anything close to the $1.6 billion construction cost announced by its former owner.

Measuring 342 meters long, world dream promised to be the world’s largest cruise liner by passenger capacity before construction halted in January when the shipyards filed for bankruptcy. Genting Hong Kong has since seen interim liquidators appointed for debts totaling nearly $2.8 billion – a process that began when the company was unable to access the $88 million German government funding it had necessary to avoid triggering payment defaults.

Genting Group patriarch Lim Kok Thay was interested in buying world dream – presumably for his new Singapore-based cruise line, Resorts World Cruises – but no deal has been struck.

Incorporated in 1996, Disney Cruise Line currently operates five ships sailing in the United States, the Caribbean, Europe and Oceania, with two more ships scheduled to depart by 2025.

MV Werften’s insolvency administrator, Christoph Morgen, announced discussions with Disney late last week, with a shipyard employee – whose future remains uncertain – quoted as saying: “It’s a very different picture psychologically if this great ship is finished in Wismar than if it were towed there and scrapped somewhere in the world.