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Dream Cruises halts Singapore service under 'mounting creditor pressure'

Mounting creditor pressure poses an immediate threat to the operation of World Dream from Singapore
Dream Cruises' World Dream will cease operation Wednesday on completion of its current sailing from Singapore, due to 'mounting creditor pressure which poses an immediate threat to the operation of the vessel.'

Genting Hong Kong's joint provisional liquidators (JPLs) have been 'identifying potential remediation plans and facilitating the restructuring of the group including Dream Cruises' since their appointment Feb. 4, the liquidators said in a statement today. 'Negotiation with creditors in relation to their claims against the group remain active and certain emergency funding has been obtained which has enabled the World Dream to complete 16 scheduled cruises after the appointment of the JPLs.

'Immediate threat to the operation of the vessel'

'However, despite the continued efforts to source and introduce external funding, the group’s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstance and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.'

The JPLs are Edward Simon Middleton and Wing Sze Tiffany Wong of Alvarez & Marsal Limited in Hong Kong and Edward Alexander Niles Whittaker of R&H Services Ltd. of Bermuda.

Contact JPLs to seek refunds

The JPLs said they are assessing the ability to meet potential refund claims and advised impacted passengers to submit their claims together with booking confirmation and payment records to the JPLs at [email protected] for assessment.

These hotlines for assistance were also provided: Genting Rewards members Hong Kong: +852 2110 3838 and Singapore: +65 3138 8833 or [email protected]; Genting Cruise Lines' general customer services Hong Kong: +852 2317 7711 and Singapore: +65 6223 0002 or [email protected].

In filing to wind up Dream Cruises on Jan. 28, Genting HK advocated for the brand's restructuring and continuation