Imperial Pacific International (IPI) and its committee of unsecured creditors have requested a federal court to approve Loi Lam Sit as the stalking horse bidder for the sale of the casino developer’s assets.
A stalking horse bidder sets a baseline price in an auction to attract other bidders, and according to The Marianas Variety, Sit, the general manager of Top Pride International Ltd., has shown financial capability to proceed with the purchase.
The court, presided over by Bankruptcy Judge Robert J. Faris, has approved the bidding procedures for the asset sale, requiring a minimum bid of $10 million.
If Sit is designated as the stalking horse bidder, he will offer $12.5 million and place a $1.25 million good faith deposit. The assets for sale include contracts, property in Saipan, and a potential casino license.
An auction is scheduled for February 26th, 2025, to determine the highest bid. IPI filed for Chapter 11 bankruptcy in April 2024, owing creditors over $165.8 million, after operating a casino until its closure due to the COVID-19 pandemic. Chapter 11 allows IPI to restructure its debts while continuing operations.
