Imperial Pacific International (IPI), a Chinese investment holding company based in Hong Kong, is making headlines as it seeks federal bankruptcy court permission to sell its hotel casino in Saipan, Northern Mariana Islands, and other significant assets to Loi Lam Sit for a proposed sum of $10 million. This request marks a pivotal moment in the company’s restructuring efforts under Chapter 11 bankruptcy.
Introduction to the sale proposal:
Attorney Chuck Choi, representing IPI, has formally approached the court to approve competitive bidding and sale procedures for the disposition of IPI’s major assets. This move aims to secure the best possible outcome for the creditors and stakeholders involved.
Choi has also called for a hearing on November 20, 2024, to finalize the sale of IPI’s properties, free from any liens and encumbrances, to Loi Lam Sit, who is currently the “stalking horse purchaser,” or potentially to a higher bidder. The term “stalking horse purchaser” is used in bankruptcy proceedings to describe an initial bidder who sets a baseline offer that others must exceed in subsequent bids.
Loi Lam Sit, hailing from Hong Kong, serves as the general manager of Top Pride International Ltd., a company specializing in the wholesale distribution of cosmetic products.
The primary assets up for sale include IPI’s casino, which is part of its hotel structure, located on a 19,204-square-meter land parcel leased from the CNMI Department of Public Lands. Additionally, IPI’s stake in Imperial Pacific Properties LLC, which holds leasehold interests in eight adjacent lots, is also on the auction block
As Marianas Variety reports, IPI’s filing for Chapter 11 bankruptcy occurred on April 19, 2024, amidst declarations of owing creditors upwards of $165.8 million. The Covid-19 pandemic had a significant impact, forcing the closure of IPI’s operational casino in March 2020, and by 2021, construction on the hotel halted, leaving the structure exposed and deteriorating. Choi estimates that completing the hotel construction would require an investment of between $100 million and $150 million.
Financial arrangements and auction terms:
At a court session on June 27, 2024, IPI was granted up to $1.4 million in unsecured, priority financing from Loi Lam Sit, intended to cover Chapter 11 administrative costs through the end of the year. This financial aid is crucial for maintaining liquidity during the bankruptcy proceedings.
Choi has highlighted that IPI and the Committee of Unsecured Creditors have finalized the terms for a potential sale, pending court approval and possible overbids by qualified bidders. The assets set for auction include personal property, designated contracts, real property leases, and interests in Imperial Pacific Properties LLC.
Excluded from the sale are income tax receivables, the casino license, personnel records, and any records related to the hotel or casino patrons.
The conditions for the sale stipulate a $2 million deposit, applicable solely if the stalking horse bidder prevails. The final sale is scheduled to close within seven days following the court’s sale motion approval, with all transactions required to conclude by December 31, 2024.
Choi believes that the outlined bidding procedures will maximize the asset values through a public auction, ensuring the trustee can secure the highest returns for the benefit of the estate and its creditors. This strategic approach aims to safeguard the interests of all parties involved in the bankruptcy process.
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