Team King was the successful bidder in the IPI casino assets auction.
Northern Mariana Islands.- Team King Investment (CNMI), the winning bidder of the auction of Imperial Pacific International’s (IPI) casino assets, completed the acquisition and took ownership on August 20.
According to The Northern Marianas Variety, CNMI Bankruptcy-designated Judge Robert J. Faris, discharged his previous order to show cause in IPI’s Chapter 11 petition because the court-approved sale closed before August 21.
IPI operated a casino in Saipan for four years before closing in March 2020 due to the Covid-19 pandemic. It 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 won the bid for IPI’s casino assets in a court-approved auction held in. 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.
Team King was the successful bidder in the IPI casino assets auction. Northern Mariana Islands.- Team King Investment (CNMI), the winning bidder of the auction of Imperial Pacific International’s (IPI)…
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