Zouk Group sold for $14 million as Genting Hong Kong seeks liquidity
SINGAPORE - Ailing cruise operator Genting Hong Kong has sold the Zouk Group, which operates the popular nightclub, for $14 million as part of efforts to offload non-core assets and generate liquidity for the cash-strapped firm.
Concerns were raised over Genting's finances in July after it disclosed that it had suspended all payments to creditors. The Tuesday filing said selling the Zouk Group is part of effort to conserve cash and seek additional sources of finance to sustain the business, pending the resumption of cruise operations.
While the total consideration for the sale shares is valued at $14 million, the final amount is subject to adjustment based on Zouk's cash level. After the transaction is complete, Zouk Group will cease to be an indirect wholly-owned subsidiary of Genting Hong Kong.
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