CNMI governor believes IPI no longer viable

Arnold Palacios said the Imperial Pacific International casino is no longer salvageable.

Northern Mariana Islands.- Governor Arnold I. Palacios has stated that the Commonwealth needs to accept the fact that Imperial Pacific International (IPI) is no longer a viable company and move on. In an interview with The Saipan Tribune, he said: “We just got to put a closure to it and move on. Maybe, we’ve made a mistake. They made a mistake.”

Earlier this week, IPI applied for Chapter 11 bankruptcy as it seeks to restructure its debts. The company said it owes its creditors more than US$165.8m.  The governor said settlement discussions with the company have ended.

Members of the Commonwealth Casino Commission (CCC) will meet today (April 25) to discuss IPI’s bankruptcy filing. It was due to discuss the possible licence revocation for IPI as well as the election of key officers.