IPI to be delisted from the Hong Kong Stock Exchange
The Stock Exchange has provided a date for delisting.
Northern Mariana Islands.- Imperial Pacific International (IPI) will be removed from the Hong Kong Stock Exchange on June 17 at 9am. According to a letter from the Stock Exchange dated June 3, IPI was informed that the last day of listing will be June 14.
The company had sought legal advice regarding judicial review (JR) proceedings. However, a filing indicated that the Proceedings were discontinued by an order of the High Court dated May 30.
Phyllis McKenna, IPI’s official receiver and provisional liquidator, noted that while share certificates will remain valid after June 14, shares will not be listed or tradable on the Stock Exchange. Consequently, the company will no longer be subject to the Listing Rules.
IPI’s share trading has been suspended since April 2022. The company currently owes creditors more than US$165.8m and owes the CNMI over US$62m in licence fees and more than US$17.6m in regulatory fees for the years 2020 through 2023.
The company applied for Chapter 11 bankruptcy in April to restructure its debts. Earlier this month, chief judge Ramona V. Manglona of the District Court for the NMI approved a request by the casino operator for debtor-in-possession (DIP) financing allowing an interim withdrawal of US$400,000.
The approved US$400,000 interim funding represents a fraction of a US$7m loan IPI recently secured from a Hong Kong-based financing institution with the remaining US$6.6m pending court review on June 21.
