German shipyard goes down with the ship

Paul Heymont 3/20/227:00 AM

A bankrupt German shipbuilder needs a buyer for the world's biggest cruise ship, which was under construction for a bankrupt cruise, gambling and resort company.

The court-appointed administrator for MV Werften needs cash from the sale of the ship to pay off workers and other obligations of the failed shipyard company, which was owned by Genting Hong Kong, the bankrupt cruise, gambling and resort company.

The ship, which is designed for up to 9,000 passengers is said to be about 75% complete; the bankruptcy administrator says the sale must meet at least "completion costs plus a little on top." There's been interest from a number of potential buyers, including a Hong Kong billionaire who until recently was the head of Genting.

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