Asian cruise giant Genting Hong Kong announced on Wednesday it has filed for liquidation in a Bermuda court after banks and a German court frustrated its efforts to unlock much-needed funds for survival.

After a failure by counterparty lenders to release $81m of Genting's own funds held in a liquidity reserve amount, the company said that it had "exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements".

Genting said it had no access to any further liquidity under any of its debt documents and its available cash balances are expected to run out on or around the end of January.