Team King Investment made an offer worth US$12.95m.
Northern Mariana Islands.- Team King Investment has been named the winning bidder of the auction of Imperial Pacific International’s (IPI) casino assets. The company describes itself on its website merely as a group of “three subsidiaries dedicated to solving business problems in the 21st century”. It submitted a bid of US$12.95m plus an option to acquire the casino licence and assume certain liabilities.
The auction was conducted by Intrepid Investment Bankers on February 26. IPI and its unsecured creditors had designated Loi Lam Sit, the general manager of cosmetics distributor Top Pride International, as the stalking horse bidder. It made a good faith deposit of US$1.25m. As a successful bidder has been chosen, Loi Lam Sit will now be the backup bidder. A hearing to evaluate Team King’s bid is scheduled before bankruptcy judge Robert J. Faris on March 25.
According to Mariana’s Variety, IPI must pay the purchaser US$200,000 if the agreement is cancelled due to default or breach by IPI. The breakup fee will be classified as an administrative expense claim if the agreement is terminated because of a superior bid and will be payable from the proceeds of an alternative transaction.
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.
Team King Investment made an offer worth US$12.95m. Northern Mariana Islands.- Team King Investment has been named the winning bidder of the auction of Imperial Pacific International’s (IPI) casino assets. The…
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