Imperial Pacific International's (IPI) Bankruptcy Filing: A New Chapter in the Casino Saga
Saipan-based casino operator Imperial Pacific International (IPI) files for bankruptcy under Chapter 11.
In a bold move, the beleaguered casino operator, Imperial Pacific International (IPI), has filed for Chapter 11 bankruptcy. This filing came as a surprise ahead of its hearing with the Commonwealth Casino Commission (CCC), who's been hot on IPI's tail due to unpaid regulatory fees. The announcement rocked the island of Saipan, causing ripples in the gaming industry.
Burdened with over $150 million in debt, IPI aims to utilize this filing as a lifeline to reorganize its operations and potentially settle its mounting debt with creditors. According to their statement, this move is part of a comprehensive plan to restructure financial obligations and ensure a resilient comeback in the dynamic gaming industry. The company emphasizes its commitment to honor its debts, despite the tough times brought about by the pandemic.
Howyo Chi, IPI's director, explains that the decision to file for bankruptcy was the result of a prolonged evaluation and assessment. The bankruptcy protection, if approved, would allow IPI to tackle its financial challenges, preserving jobs, honoring commitments to vendors and suppliers, and revitalizing its operations to deliver unparalleled gaming and entertainment experiences.
The move comes after form 204 was filed by IPI, revealing a whopping $165,814,049 owed to creditors. The CNMI Treasury tops the list with a $62 million debt, followed closely by the MCC with nearly $35 million. The CCC is after receiving $17.6 million in various penalties and licensing fees.
In a twist of events, two Rolls Royce cars, assets of the Saipan casino operator, were recently sold for approximately $333,000. This sale was one of many as over 100 cars belonging to IPI may be sold in the future.
The Chapter 11 filing puts a temporary halt on the CCC's proceedings to revoke IPI's casino license. The financial impact on the CCC remains to be seen as they continue to seek payment of outstanding fees from IPI. The future of IPI and its dream of a grand Saipan resort remains uncertain, but one thing's for sure - the game isn't over yet.
The Chapter 11 bankruptcy filing by Imperial Pacific International (IPI) is part of a plan to restructure financial obligations and ensure a resilient comeback in the dynamic casino-and-gambling industry. Burdened with over $165 million in debt, IPI aims to utilize this filing as a lifeline to reorganize its casino business, honor its debts, and continue providing unparalleled gaming experiences.
%20files%20for%20bankruptcy%20under%20Chapter%2011.){kind=link}