Darting paid $59m in cash while Ocean World's part was nearly $248m, satisfied in full by way of set-off against an equivalent amount of intercompany loans or balances owed by Dream.
Genting Dream hoped to sail in July
This will provide additional liquidity to Dream Cruises to meet its upcoming financial obligations and prepare for the target resumption of Genting Dream in July, which would bring the full Dream fleet into operation. Explorer Dream and World Dream have been sailing since last year.
With this, Ocean World's stake in Dream Cruises went to 69.97% from 67.42%, while Darting's went to 30.03% from 32.58% previously.
Darting, controlled by TPG Capital Asia and Growth Funds and indirectly by OTPP, the administrator of Canada’s largest single-profession pension plan, took a stake in Dream Cruises early last year.
Liability and loss
At Dec. 31, 2020, the unaudited consolidated net liability value of Dream Cruises was approximately $300.2m. 2020 unaudited net loss before and after taxation was $453m. In 2019, the brand's audited net profit was $24.6m before taxes and $23.14m after taxes.
This month Genting Hong Kong cited progress on restructuring efforts when reporting an unaudited 2020 net loss of US$1.7bn. Its liabilities at Dec. 31 exceeded assets by $3.26bn.