Imperial Pacific International (IPI) and a committee of unsecured creditors have asked the CNMI Bankruptcy Court to approve Hong Kong resident Loi Lam Sit as the stalking horse bidder in the company’s bankruptcy case.
According to the stipulation filed by IPI and its creditors in court, Sit has demonstrated the financial ability to purchase all of the casino’s assets.
A stalking horse bidder sets the minimum price for assets being sold and serves as a starting point to attract other bidders and ensure a fair market price.
The minimum bid requirement for IPI assets is $10 million in cash. Based on the notice filed in court, Sit will pay $12.5 million for the purchase of all IPI’s assets.
Sit is the general manager of Top Pride International, a cosmetics and beauty products company. In his court declaration, he said he is also a Hong Kong stock exchange investor and relies on an inheritance for his livelihood.
If necessary, the bankruptcy court will hold an auction on Feb. 26 at 9 a.m. to determine the highest and best bid for the assets.
