The Saipan Commonwealth Casino Commission (CCC) board has deferred its decision on whether to revoke Imperial Pacific International‘s exclusive gaming license in light of the company’s Chapter 11 bankruptcy filing.
According to the Saipan Tribune, CCC board chair Edward C. DeLeon Guerrero announced the postponement of the revocation deliberation, citing the need for further review following IPI’s bankruptcy petition.
Facing mounting financial pressure and multiple civil lawsuits totaling over $150 million, Imperial Pacific has filed for Chapter 11 bankruptcy protection, halting negotiations with the CCC.
With IPI’s bankruptcy filing, the company also issued a notice of automatic stay on the CCC executive director’s complaints against them.
Under Chapter 11, IPI can continue operating while restructuring its finances. The company owes substantial sums to several creditors, notably, the CNMI Treasury, MCC International Saipan, and the CCC itself.
