The Stock Exchange has provided a date for delisting.<\/p>\n\n\n\n\n\n\n\n
Northern Mariana Islands.- Imperial Pacific International (IPI) <\/strong>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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Phyllis McKenna<\/strong>, 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The company applied for Chapter 11 bankruptcy<\/a> in April to restructure its debts. Earlier this month, chief judge Ramona V. Manglona<\/strong> of the District Court for the NMI approved a request by the casino operator for debtor-in-possession (DIP) financing<\/a> allowing an interim withdrawal of US$400,000.<\/p>\n\n\n\n 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.<\/p>\n","protected":false},"excerpt":{"rendered":" The Stock Exchange has provided a date for delisting.<\/p>\n","protected":false},"author":176,"featured_media":19434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Imperial Pacific International (IPI) is scheduled for delisting from the Hong Kong Stock Exchange on June 17, following the discontinuation of its judicial review proceedings and a prolonged trading suspension. The company, facing over US$165.8 million in creditor debt and substantial regulatory and licensing fee arrears to the CNMI, recently filed for Chapter 11 bankruptcy and secured interim debtor-in-possession financing.","focusai_entities":"Imperial Pacific International (IPI), Hong Kong Stock Exchange, Phyllis McKenna, Ramona V. Manglona, High Court, District Court for the NMI","focusai_location":"Northern Mariana Islands, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"IPI Debt Restructuring","query":"What are the specific terms and conditions of the US$7 million loan and the approved US$400,000 interim DIP financing, and how will these impact IPI's Chapter 11 debt restructuring plan?"},{"label":"CNMI Regulatory Impact","query":"What are the long-term implications for the CNMI's regulatory framework and licensing revenue streams following IPI's substantial unpaid fees and subsequent delisting and bankruptcy?"}],"footnotes":""},"categories":[16336,157],"tags":[24134],"class_list":["post-777016352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777016352"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016352\/revisions"}],"predecessor-version":[{"id":777016376,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016352\/revisions\/777016376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19434"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}