The stalking horse bidder for Imperial Pacific International’s casino assets has made a $1.25 million good faith deposit for the purchase.
According to the Marianas Variety, Loi Lam Sit made the deposit on February 10th -as indicated in a motion filed in the federal bankruptcy court.
The move paves the way for other potential bidders to enter the scene and ensure a fair market price.
Loi is a Hong Kong resident and general manager of cosmetic products distributor Top Pride International.
Earlier this month, IPI and its committee of unsecured creditors requested approval for Loi Lam Sit to be the designated stalking horse bidder for the assets for sale – including contracts, property in Saipan, and a potential casino license.
According to a motion filed this includes the hotel building currently under construction and the casino, a leasehold of approximately 19,204 square meters and ownership interest in Imperial Pacific Properties LLC, which holds leasehold interests on eight lots adjacent to the main property.
An auction has been scheduled for February 26th, 2025, to determine the highest bid.
IPI filed for Chapter 11 bankruptcy in April of 2024, owing creditors over $165.8 million.
