Genting Hong Kong has filed a winding up petition as it faces running out of cash by the end of January.

The news comes following a warning last week that it could face potential cross-defaults on financing arrangements worth $2.8 billion as a result of the insolvency of its German shipbuilding subsidiary, MV Werften.

The operator filed the application at the Supreme Court of Bermuda, after it had “exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements”.

Genting Hong Kong owns Star Cruises and Dream Cruises, which operate in the Asia region, as well as the Resorts World theme park in Manila.

It also owns the Crystal Cruises line which offers a range of round trips from Miami, Antarctica and Barcelona.

In response to the decision, Crystal Cruises said it was suspending operations.

The luxury line announced that voyages on its ocean and expedition ships were being suspended until April 29th, with river cruises not operating until the end of May.

The company said: “Suspending operations will provide the management team with an opportunity to evaluate the current state of business and examine various options moving forward.”

The three ships currently in operation – Crystal Serenity and Crystal Symphony sailing in the Caribbean and Crystal Endeavor in Antarctica – will complete their current sailings.

Passengers booked on future cruises and their travel partners are currently being notified.

Genting Hong Kong is part of a bigger conglomerate that also includes Genting Malaysia and Genting Singapore.

Among its assets, the conglomerate owns the Resorts World leisure park chain, which includes those in Singapore, New York City, and the United Kingdom.

It also has 30 casinos across the UK.