The limited liability company operating Imperial Pacific International’s hotel-casino in Saipan says that a sale of the property could be possible, with intentions to file a motion or plan within the next month.
According to the Saipan Tribune, IPI was questioned by the court last week on its organizational plan to file for bankruptcy, with the group noting it was discussing with creditors and the US Trustee on whether to sell the property via a plan or a under a legal framework which allows the company to sell assets even if under Chapter 11 bankruptcy.
IPI also informed the court that it had secured a further $1 million loan from lender Loi Lam Sit on top of a further $6.6 million in loans.
Creditors had initially moved to discredit Imperial Pacific’s appeal for bankruptcy, claiming over $160 million in debts.
The Hong Kong-listed parent of the casino operator was also forced to de-list from the stock exchange in June. The limited company formerly operating the casino in Saipan is still facing a court hearing on July 25th, in an attempt to dismiss a multifaceted legal dispute with the Commonwealth of the Northern Mariana Islands government and multiple officials over actions, penalties, fines and license suspensions against IPI.
