With the possibility of a global recession looming and rising corporate default risk, early warning signals are more important now than ever.
The 30-year-old Asian-based cruise operator reported losses of $1.7B in 2020, up 76.5% vs 2019. It was hard-hit when the pandemic brought a halt in travel and rising global cases. In 2020, the company stopped payments on debts of $3.4B to boost liquidity and restructure its debt. In January 2022, Genting filed for bankruptcy when it couldn’t secure further financing.
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