A group of creditors owed money by former Saipan casino operator Imperial Pacific International (CNMI) LLC have sought leave to have the collapsed company’s assets sold with its casino rather than as a purely real estate play in a bid to increase the sale value.
According to a report by Saipan Tribune, the official committee of IPI general unsecured creditors has filed an application with the Northern Mariana Islands’ bankruptcy court seeking permission to hire Intrepid Investment Bankers LLC to identify potential buyers that have been overlooked by IPI.
IPI in August filed a motion to allow it to liquidate its real estate assets in a move that would not include the sale of its exclusive casino license on Saipan. Those real estate assets include the hotel and casino building that previously comprised Imperial Palace • Saipan, a leasehold interest in almost 20,000 square meters of land from the Department of Public Lands and leasehold interest in eight adjacent lots held by IPI subsidiary Imperial Pacific Properties, LLC.
