TEAM King Investment (CNMI), LLC is the successful bidder in the Imperial Pacific International casino assets auction held on Feb. 26, 2025, according to a notice filed in the federal bankruptcy court.
Intrepid Investment Bankers, LLC, in consultation with IPI and the committee of unsecured creditors, conducted the auction for the sale of the casino assets.
At the conclusion of the auction, IPI and the committee selected Team King Investment as the successful bidder for the casino assets.
Team King’s bid was a $12.95 million cash purchase price, plus an option to acquire the casino license and assume certain liabilities of IPI.
IPI and the committee earlier designated Loi Lam Sit as the stalking horse bidder who would pay $12.5 million for the purchase of IPI’s casino assets and the option to purchase its casino license.
A stalking horse bidder is an “initial bidder chosen by the debtor (or the seller) to set a baseline price for assets being sold through an auction process. The stalking horse bid serves as a starting point to attract other potential bidders and ensure a fair market price.”
Because a successful bidder has been chosen, Loi Lam Sit will now be the backup bidder for the assets, the notice stated.
On March 25, 2025, at 9 a.m., a hearing will be held before Bankruptcy Judge Robert J. Faris to consider the approval of the sale of the assets to the successful bidder, “free and clear of all liens, claims, and encumbrances.”
Previously, Judge Faris approved the stipulation of IPI and the committee of unsecured IPI creditors to establish a bidding procedure for the sale of the casino investor’s assets; to designate a stalking horse bidder; to schedule an auction and a sale hearing; and to establish assumption and assignment procedures.
Team King Investment (CNMI), LLC received its certificate of incorporation from the CNMI Registrar of Corporations on Feb. 5, 2025.
Team King listed Hiroshi Kaneko as the sole LLC manager with Ning Ning Song as the local contact agent. Kaneko is Japan Kyosei Group’s executive director.
Team King also listed Team King Investment Limited, a registered company in the British Virgin Islands, as an initial member.
IPI filed for Chapter 11 bankruptcy in the District Court for the NMI on April 19, 2024, saying it owed creditors over $165.8 million.
IPI operated a casino on Saipan for four years until the Covid-19 pandemic forced its closure in March 2020.
Chapter 11 bankruptcy allows a business corporation to restructure its debts and continue operating.
