IPI files for bankruptcy
The company said it owes its creditors more than US$165.8m.
Northern Mariana Islands.- Imperial Pacific International (IPI) CNMI has applied for Chapter 11 bankruptcy as it seeks to restructure its debts. The company said it owes its creditors more than US$165.8m. IPI manager, Howyo Chi, represented by attorney Charles McDonald, signed the application.
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.
According to Mariana’s Variety, IPI also owes money to the Internal Revenue Services (US$4m), the U.S. Department of Labor-Wage and Hour Division (US$950,000), and the US Department of Justice-Civil Division (US$1.46m, labelled as “contingent disputed”).
Today (April 22), the CCC will decide whether to revoke IPI’s exclusive casino licence. Meanwhile, the High Court of Hong Kong has ordered the liquidation of IPI Holdings, the Hong Kong-listed parent company of IPI CNMI.
