{"id":777017031,"date":"2024-07-08T09:47:03","date_gmt":"2024-07-08T12:47:03","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777017031"},"modified":"2026-04-22T08:23:56","modified_gmt":"2026-04-22T11:23:56","slug":"ipi-aims-to-sell-unfinished-garapan-hotel-casino-by-year-end","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ipi-aims-to-sell-unfinished-garapan-hotel-casino-by-year-end","title":{"rendered":"IPI aims to sell unfinished Garapan hotel-casino by year-end"},"content":{"rendered":"\n

Imperial Pacific International has informed the federal bankruptcy court that it had reached an agreement with unsecured creditors.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.-\u00a0Imperial Pacific International (IPI) and its committee of unsecured creditors have informed the NMI bankruptcy court of their intent to sell IPI’s unfinished Garapan hotel-casino by the end of this year. <\/p>\n\n\n\n

It was reported they IPI has begun interviewing potential investment bankers and real estate brokers and plans to file a motion to approve a “stalking horse” bid, subject to overbids, to sell the hotel and subsequently file a liquidating plan to pay creditors according to priority. A stalking horse agreement is made before an auction to set a minimum price, maximising the value of a bankrupt firm’s assets.<\/p>\n\n\n\n

Last Friday (July 5), IPI attorneys filed a motion opposing the CNMI\u2019s request to convert IPI\u2019s Chapter 11 bankruptcy<\/a> to a Chapter 7 Bankruptcy, which would mandate the liquidation of all IPI\u2019s assets. The motion mentioned that IPI and its committee of unsecured creditors have agreed on a sale of IPI’s assets under Section 363 of the US Bankruptcy Code. This type of sale allows debtors to meet their obligations to creditors by selling their assets and using the proceeds to settle their debts.<\/p>\n\n\n\n

IPI\u2019s legal team argued that converting the case to Chapter 7 would not serve the best interests of creditors and that liquidations tend to be more expensive and time-consuming. They said a Chapter 7 Trustee might lack the necessary funds to maintain and secure the asset, which, given the hotel’s poor condition and security needs, could result in abandonment.<\/p>\n\n\n\n

See also: <\/strong>Lack of quorum could hold up IPI casino licence revocation hearing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Imperial Pacific International has informed the federal bankruptcy court that it had reached an agreement with unsecured creditors.<\/p>\n","protected":false},"author":176,"featured_media":32939,"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) has informed the NMI bankruptcy court of an agreement with unsecured creditors to sell its unfinished Garapan hotel-casino by year-end, utilizing a \"stalking horse\" bid under Section 363 of the US Bankruptcy Code. IPI is actively opposing the CNMI's motion to convert its Chapter 11 bankruptcy to Chapter 7, arguing that the proposed asset sale and subsequent liquidating plan better serve creditor interests and avoid the complexities and costs of a full liquidation.","focusai_entities":"Imperial Pacific International, IPI, NMI bankruptcy court, CNMI","focusai_location":"Northern Mariana Islands, Garapan","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.95), operator_casino (0.75), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI Asset Sale Timeline?","query":"What is the projected timeline for the 'stalking horse' bid and subsequent asset sale of the Garapan hotel-casino, and how might this impact the NMI's regulatory framework for gaming licenses?"},{"label":"Creditor Recovery Outlook?","query":"What is the estimated valuation of the Garapan hotel-casino asset, and what is the anticipated recovery rate for unsecured creditors under the proposed Chapter 11 liquidating plan versus a Chapter 7 conversion?"}],"footnotes":""},"categories":[16336,157],"tags":[24134],"class_list":["post-777017031","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\/777017031","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=777017031"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017031\/revisions"}],"predecessor-version":[{"id":777017056,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017031\/revisions\/777017056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777017031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}