July 12, 2021
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.
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March 9, 2021
In the Commonwealth of the Northern Mariana Islands and beleaguered casino operator Imperial Pacific International Holdings Limited has reportedly been told that it will be placed into receivership if it does not pay off a $1.2 million debt by Friday.
According to a report from Inside Asian Gaming, the Hong Kong-headquartered firm is responsible for the American territory’s under-construction Imperial Palace Saipan but has been facing financial collapse owing to a dearth in overseas gamblers caused by the coronavirus pandemic. The source detailed that the operator is moreover facing the imminent loss of its casino license due to its inability to fulfil a multitude of financial obligations including one to former contractor Pacific Rim Land Development said to be worth in the region of $6.8 million.