Crumbling Saipan casino operator Imperial Pacific International (CNMI) LLC has filed for Chapter 11 bankruptcy with the U.S. District Court, claiming it owes creditors more than US$150 million, according to local news outlet Saipan Tribune.
The company’s latest move was filed with the court just days before a long-awaited hearing scheduled for today at which the Commonwealth Casino Commission says it will finally determine whether or not to revoke IPI’s casino license. An earlier hearing was put on hold after IPI put forward a settlement plan in which it promised to repay US$24 million in late license and regulatory fees before the end of this year.
IPI’s casino license was suspended in April 2021 for failure to pay those fees.
It is unclear why IPI has only filed for bankruptcy now given its long-known financial issues although it also comes shortly after its parent company, Hong Kong-listed Imperial Pacific International (IPI) was ordered to be wound up by a Hong Kong court and a provisional receiver appointed.
The company has seen many of its assets sold off by receivers to pay down debts, while the building that houses its hotel and casino remains incomplete with construction work having stopped during the COVID-19 pandemic.
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