Lim Kok Thay has stepped down as Chairman and CEO of Genting Hong Kong.

This announcement comes several days after the Star Cruises operator had filed to wind up the company, as the Covid-19 pandemic continues to cause damages to the tourism and travel industries.

Lim and Genting Hong Kong Deputy CEO Fook Yew Au have both resigned and they both suggested they have no disagreement with the company’s board.

The resignations happened just two weeks after Genting Hong Kong’s German shipyard unit MV Werften failed to secure financing support from the German government and its creditors, which resulted in insolvency.

Prior to this, the company had warned that such an event would trigger cross-default events under Genting Group’s financing arrangements amounting to $2.78bn.

Last week, when filing the winding-up petition in the Supreme Court of Bermuda, Genting Hong Kong asked the court to appoint joint liquidators, to develop and propose a restructuring plan for the group’s debts. According to the proposal, the restructuring plan included the disposal of some assets.

The company argued that without access to further funding, its available cash balances would run out at the end of January.

The tourism and travel industries have been hit hard during the Covid pandemic, as governments around the world implemented lockdowns and restricted travel in an attempt to contain the spread of the virus.

Even though there have been signs of recovery and of returning to pre-Covid normality, uncertainties still prevail, as governments around the world keep changing regulations and restrictions, especially during the new wave caused by the Omicron variant.