Wednesday, September 28, 2022

Parent company will back IPI Saipan: lawyer


Michael Dotts, general counsel for the Saipan casino operator, says that Imperial Pacific International Holdings, the Hong Kong-listed parent company of IPI (CNMI) LLC, will continue to provide financial support to see the firm through its many troubles.

“My understanding is that the parent company has committed to further finance this IPI,” Dotts told local reporters. He said he believes that IPI can continue to meet its financial obligations in spite of numerous apparent cash flow problems.

Earlier this week, Dotts denied that IPI is planning to file for bankruptcy, adding, “It could be in the next year before we see the business really come back, which means a very large commitment from the parent company to fund this company [IPI] for an extended period of time.” he added.

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