Imperial Pacific International LLC (IPI), the company responsible for the struggling casino resort in Saipan, has indicated that they might finally consider selling the property. This decision is contingent upon reaching agreements with their creditors.
During a hearing at the U.S. District Court for the Northern Mariana Islands on June 27, IPI’s attorney, Chuck C. Choi, mentioned that ongoing discussions are taking place between the operator, creditors, and the U.S. trustee. The main point of contention is whether to proceed with the sale of the Imperial Pacific Palace through a plan that would allow for the sale under Section 363 of the U.S. bankruptcy code. Saipan, the largest island in the Commonwealth of the Northern Mariana Islands (CNMI), has been under U.S. territorial control since World War II.
Initially, creditors had opposed IPI’s bankruptcy petition, citing debts of over $160 million. Additionally, last month, IPI’s parent company was removed from the Hong Kong Stock Exchange. Another court hearing scheduled for July 25 will focus on resolving the ongoing dispute between the group and the CNMI government concerning further penalties and fines.
The potential sale of the Saipan casino resort marks a significant development in IPI’s tumultuous journey. If the divestiture plan comes to fruition, it could alleviate some of the financial burdens faced by the company and its stakeholders. However, the specifics of the sale, including potential buyers and the impact on the local economy, remain uncertain.
The future of the Imperial Pacific Palace hangs in the balance as negotiations and legal proceedings continue. The outcome of these discussions will not only shape the fate of the casino resort but also have broader implications for the gambling industry in Saipan and the CNMI as a whole. Stay tuned for updates on this evolving situation and its potential ramifications for all parties involved.
