Team King Investment (CNMI), LLC has emerged as the successful bidder for the assets of Imperial Pacific International (IPI) during an auction held on February 26th with a $12.95 million bid.
This auction, conducted by Intrepid Investment Bankers, LLC, was facilitated in consultation with IPI and the committee of unsecured creditors, following IPI’s Chapter 11 bankruptcy filing on April 19th, 2024, which stated that the company owed over $165.8 million to creditors, local news outlets The Marianas Variety and The Pacific News reported.
Team King Investment’s bid of $12.95 million includes an option to acquire IPI’s casino license and the assumption of certain liabilities. The previous stalking horse bidder, Loi Lam Sit, had set a baseline price with a bid of $12.5 million, but will now serve as the backup bidder for the assets.
The assets up for auction include IPI’s primary real estate holdings, which feature a hotel building currently under construction and a leasehold interest in approximately 19,204 square meters of land leased from the CNMI Department of Public Lands. IPI also owns a stake in Imperial Pacific Properties LLC, which holds a leasehold interest in adjacent lots.
A hearing to approve the sale of these assets is scheduled for March 25th, 2025, before Bankruptcy Judge Robert J. Faris. This ruling will allow for the sale to proceed “free and clear of all liens, claims, and encumbrances,” as noted in filings with the U.S. District Court for the NMI’s Bankruptcy Division.
If Team King Investment successfully finalizes the acquisition of the Imperial Pacific Resort and decides to complete the ongoing construction, it is estimated that an additional $150 million will be needed to finish the casino resort.
