An auction will take place on February 26 if needed to determine the highest bid.
Northern Mariana Islands.- Loi Lam Sit, the stalking horse bidder in the sale of Imperial Pacific International (IPI)’s assets, has made a good faith deposit of US$1.25m for the company’s assets.
Loi Lam Sit is the general manager of cosmetics distributor Top Pride International. IPI and its unsecured creditors have asked the court to sell IPI’s casino assets “free and clear of all liens, claims, and encumbrances, subject to overbids”. IPI and its creditors believe “a sound business justification exists” for selling the casino assets.
IPI filed for Chapter 11 bankruptcy last April, citing debts of over US$165.8m. Among the company’s largest unsecured creditors are the CNMI Treasury, MCC International, the Commonwealth Casino Commission (CCC), the law offices of Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation and Joshua Gray with claims ranging from US$5.68m to US$62m.
On October 5, 2024, Intrepid Investment Bankers was hired as financial advisors for the asset sale. Intrepid has reached out to nearly 100 potential buyers, including casino operators and investors. Currently, at least eight have expressed interest under non-disclosure agreements.
A stalking horse agreement is made before an auction to set a minimum price. IPI’s stalking horse would offer US$12.5m to buy IPI’s assets and could pay an extra US$2.5m if he gets approval to take over the casino licence. An auction will take place on February 26 if necessary to determine the highest bid.
An auction will take place on February 26 if needed to determine the highest bid. Northern Mariana Islands.- Loi Lam Sit, the stalking horse bidder in the sale of Imperial…
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