The Genting Group was founded in 1965 by the late (Tan Sri) Lim Goh Tong who had a dream of building a resort in the mountain tops. Genting Berhad's corporate profile states that it is "an investment holding and management company" which comprises various business stake under the "Genting" brand around the world (https://www.genting.com/corporate_profile/).

The Covid-19 pandemic hit the gaming sector hard, Genting included. Genting Hong Kong for example, has applied for debt restructuring and Genting Malaysia's affiliate Empire Resorts Inc New York plans to issue USD$475 million debt notes to boost their liquidity. In addition, Fitch Ratings have recently downgraded Genting Berhad's credit rating to "negative".

Based on the above scenario, express how debt capital affects Genting Berhad's legal status.

Links:

https://themalaysianreserve.com/2020/08/24/lims-genting-empire-pressured-by-cruise-units-debt-woes/

https://www.thestar.com.my/business/business-news/2020/07/20/gentingms-empire-resorts-propose-to-issue-us475m-debt-notes

https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-genting-berhad-to-bbb-outlook-negative-30-03-2020