In the CNMI, locally chartered Team King Investment (CNMI) LLC was selected as the highest bidder for the casino assets in a recent auction conducted by Intrepid Bankers in consultation with Imperial Pacific International (IPI) and the Committee of unsecured creditors.
The company, which was just established last month, placed a winning $12.9 million cash purchase price bid for IPI’s assets and an option to acquire the casino license.
Team King received its certificate of incorporation from the CNMI Registrar of Corporations on Feb. 5 and listed Hiroshi Kaneko as the sole LLC manager with Ning Ning Song as the local contact agent.
Loi Lam Sit, the previous designated stalking horse bidder, will now be the backup bidder for the assets according to the notice filed in the NMI Federal Bankruptcy court.
IPI ran a casino on Saipan for four years before being forced to close due to the global pandemic. In April 2024, IPI filed for bankruptcy, saying it owed creditors $165 million.
A court hearing is scheduled on Mar. 25 to evaluate approving the sale of the assets to Team King.
