Parties near completion of IPI casino lease assignment
Team King has been was named the winning bidder of the auction of Imperial Pacific International’s casino assets.
Northern Mariana Islands.- The parties in Imperial Pacific International’s (IPI) Chapter 11 bankruptcy case are nearing completion of a lease assignment that will transfer control of the former Saipan casino operator’s assets to Team King Investment (CNMI). According to a report from Marianas Variety, the parties have informed the federal court that CNMI and the Department of Public Lands (DPL) in a joint pre-status conference report and are finalising the form of the assignment lease and other related documents.
Team King Investment was named the winning bidder of the auction of Imperial Pacific International’s (IPI) casino assets in February. The company describes itself on its website as a group of “three subsidiaries dedicated to solving business problems in the 21st century”. It submitted a bid of US$12.95m plus an option to acquire the casino licence and assume certain liabilities.
The completion of the deal has been delayed by ongoing negotiations between Team King Investment and the Department of Public Lands involving the assignment of IPI’s ground lease.
Marianas Variety reported that attorneys representing IPI, the CNMI government, and creditors informed the federal court that Team King Investment and the Department of Public Lands are finalizing the form of the assignment lease. The status report was signed by IPI attorneys Chuck Choi, Allison Ito, and Charles McDonald. Chief solicitor J. Robert Glass Jr. signed for the CNMI government, and attorneys Aram Ordubegian and Christopher K.S. Wong signed for the committee of creditors.
