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Crystal Endeavor sale/leaseback is canceled

Crystal Endeavor's delivery is not expected until approximately mid-year 2021
Genting Hong Kong said the plan to sell and lease back expedition ship Crystal Endeavor has been terminated.

This is 'in view of the substantial delay in construction and delivery of the vessel due to the impact of COVID-19 as well as the worldwide freeze of cruise operations and the uncertainty in relation to new constraints to allow the operations to resume.'

No fund transfer has occurred

The acquisition contract and subordinated loan agreement were terminated retroactively to Jan. 1, 2020, and no fund transfer has occurred.

In January this year, when Genting HK confirmed the sale and leaseback of Genting Dream, the company said plans were in the works for a similar deal for Crystal Endeavor. A February circular outlined the planned sale to Cafi Hester and Doumer Finance, indirect wholly owned subsidiaries of Crédit Agricole.

Up to €350m

The consideration was to be for up to €350m, the amount of the ship's contract price at MV Werften, and Genting HK had said it would finance up to €300m of that.

The 19,800gt, 200-passenger Crystal Endeavor was scheduled for delivery in summer 2020 but Genting HK announced in August that would be set back by 'about a year.'