Imperial Pacific International Holdings Limited told to begin selling off its assets

Home » Imperial Pacific International Holdings Limited told to begin selling off its assets

In the Commonwealth of the Northern Mariana Islands and a federal court has reportedly ordered beleaguered casino operator Imperial Pacific International Holdings Limited to sell off some of its assets so as to pay an over $2 million debt.

According to a report from the Marianas Variety newspaper, Judge Ramona Manglona from the District Court for the Northern Mariana Islands granted the writ of execution from plaintiff USA Fanter Corporation Limited that will oblige the casino firm to dispose of almost all of its local vehicles and gaming machines. The source detailed that the construction contractor requested the lien late last month with Imperial Pacific International Holdings Limited still owing all but $300,000 of an almost $2.4 million bill.

Plagued property:

Hong Kong-headquartered Imperial Pacific International Holdings Limited reportedly opened the casino within its $650 million Imperial Palace Saipan facility in July of 2017 but later struggled to complete work on an adjacent 500-room hotel. The whole project was then purportedly thrown into financial difficulties with the real possibility of being wound up after it was forced to close in March as a consequence of the ongoing coronavirus pandemic.

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Added accountability:

Judge Manglona reportedly moreover told the defendant that it must now maintain the registration, insurance and maintenance of its vehicles and gaming machines until the writ it executed. The newspaper estimated that these holdings could together be worth up to $3.2 million although Imperial Pacific International Holdings Limited is simultaneously facing a similar demand from former contractor Pacific Rim Land Development said to be worth in the region of $6.8 million.

Reportedly read a section of Judge Manglona’s decision…

“All vehicles and gaming machines shall be stored either in the underground parking lot of Imperial Pacific International Holdings Limited’s hotel-casino complex in Garapan, Saipan, or in Imperial Pacific International Holdings Limited’s housing in Chinatown, Saipan.”

Complimentary claim:

Marianas Variety reported that this verdict is to moreover oblige Imperial Pacific International Holdings Limited to pay interest on its debt as well as a range of costs and followed an earlier ruling that had placed a ‘mechanics lien’ against the casino company’s interest on a 2.5-acre plot of land in the community of Garapan.

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Defendant disregard:

Colin Thompson represented USA Fanter Corporation Limited in court and he reportedly told the newspaper that Imperial Pacific International Holdings Limited had not posted a supersedeas or appeals bond that would have stayed the execution of this earlier judgement. The attorney purportedly went on to disclose that this means the verdict became enforceable from March 14 following the expiration of an automatic 30-day reprieve.

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