The U.S. Bankruptcy Court for the Northern Mariana Islands (NMI) has approved the bidding procedure for the sale of Imperial Pacific International’s (IPI) casino assets. The minimum bid requirement for all IPI’s assets – including the casino building resort, and the real property in Garapan, Saipan –, is set at $10 million in cash.
For four years, the Chinese-owned IPI operated a casino in Saipan until the COVID-19 pandemic forced its closure in March 2020. In April 2024, saying it owed creditors over $165 million, IPI filed for Chapter 11 bankruptcy to allow it to restructure its debts and continue operating.
IPI’s reported debts include casino licensing fees, construction services, legal fees, unpaid loans, business gross revenue taxes, default judgments, and other liabilities owed to the Internal Revenue Services, and the U.S. Department of Labor’s -Wage and Hour Division.
IPI has also faced accusations of human trafficking, illegal employment of Chinese workers, and investigations into alleged money laundering.
Designated Bankruptcy Judge Robert J. Faris recently approved the stipulation between IPI and the committee of unsecured IPI creditors to establish a bidding procedure for the sale of the casino investor’s assets; to designate a stalking horse bidder; to schedule an auction and a sale hearing; and to establish assumption and assignment procedures.
The sale hearing is scheduled for March 25, 2025.