IPI aims to sell hotel casino and other assets
Imperial Pacific International has requested court approval for a sale to Loi Lam Sit.
Northern Mariana Islands.- Imperial Pacific International (IPI) has requested approval from the federal bankruptcy court to sell its unfinished Garapan hotel casino and real estate assets to Loi Lam Sit for US$10m. Loi Lam Sit is a resident of Hong Kong who manages Top Pride International, a wholesale distributor of cosmetic products.
The proposal sale would include the company’s ownership interest in Imperial Pacific Properties, which holds leasehold interests in adjacent lots to the construction site. IPI’s legal representative, Chuck Choi, said the cost of completing the construction of the hotel would be between US$100m and $150m.
According to Mariana’s Variety, the sale does not involve income tax receivables, the casino licence, personnel records, or any books and records. If the sale is approved, it would require a US$2m deposit and must be completed by December 31.
IPI filed for Chapter 11 bankruptcy in April, citing debts of over US$165.8m. Among the company’s largest unsecured creditors are the CNMI Treasury, MCC International, the Commonwealth Casino Commission (CCC), the law offices of Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation, and Joshua Gray with claims ranging from US$5.68m to US$62m.
See also: Creditors oppose CNMI government bid to liquidate IPI assets
