{"id":777018394,"date":"2024-08-22T09:38:38","date_gmt":"2024-08-22T12:38:38","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777018394"},"modified":"2026-04-22T06:54:28","modified_gmt":"2026-04-22T09:54:28","slug":"ipi-aims-to-sell-hotel-casino-and-other-assets","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ipi-aims-to-sell-hotel-casino-and-other-assets","title":{"rendered":"IPI aims to sell hotel casino and other assets"},"content":{"rendered":"\n

Imperial Pacific International has requested court approval for a sale to Loi Lam Sit.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Imperial Pacific International (IPI)<\/strong> has requested approval from the federal bankruptcy court to sell its unfinished Garapan hotel casino and real estate assets to Loi Lam Sit for US$10m. Loi Lam Sit is a resident of Hong Kong who manages Top Pride International, a wholesale distributor of cosmetic products.<\/p>\n\n\n\n

The proposal sale would include the company’s ownership interest in Imperial Pacific Properties, which holds leasehold interests in adjacent lots to the construction site. IPI\u2019s legal representative,\u00a0Chuck Choi<\/strong>,\u00a0said the cost of completing the construction of the hotel would be between US$100m and $150m.<\/p>\n\n\n\n

According to Mariana’s Variety, the sale does not involve income tax receivables, the casino licence, personnel records, or any books and records.\u00a0If the sale is approved, it would require a US$2m deposit and must be completed by December 31.<\/p>\n\n\n\n

IPI filed for Chapter 11 bankruptcy in April<\/a>, citing debts of over US$165.8m. Among the company\u2019s 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<\/a> with claims ranging from US$5.68m to US$62m.<\/p>\n\n\n\n

See also: <\/strong>Creditors oppose CNMI government bid to liquidate IPI assets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Imperial Pacific International has requested court approval for a sale to Loi Lam Sit.<\/p>\n","protected":false},"author":176,"featured_media":25244,"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 sought federal bankruptcy court approval to sell its unfinished Garapan hotel casino and associated real estate assets to Loi Lam Sit for US$10m. This proposed sale, which explicitly excludes IPI's casino licence and income tax receivables, is part of its Chapter 11 bankruptcy proceedings, citing over US$165.8m in debts. The transaction, if approved, requires a US$2m deposit and completion by December 31.","focusai_entities":"Imperial Pacific International, IPI, Loi Lam Sit, Top Pride International, Imperial Pacific Properties, Chuck Choi, CNMI Treasury, MCC International, Commonwealth Casino Commission, CCC, Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation, Joshua Gray","focusai_location":"Northern Mariana Islands, Garapan, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI Licence Status?","query":"Given the casino licence is explicitly excluded from the asset sale, what is the Commonwealth Casino Commission's current stance on its revocation or potential transfer, and what are the implications for future gaming operations in the Northern Mariana Islands?"},{"label":"Asset Valuation Discrepancy?","query":"With the unfinished hotel requiring an estimated US$100m-$150m to complete, how does the US$10m sale price for the existing assets reflect the underlying real estate value and the recovery prospects for IPI's unsecured creditors?"}],"footnotes":""},"categories":[16336,157],"tags":[24134],"class_list":["post-777018394","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\/777018394","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=777018394"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018394\/revisions"}],"predecessor-version":[{"id":777018418,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018394\/revisions\/777018418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25244"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777018394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}