Receivership of Imperial Pacific International extended until 23 March

0
22

Receivership of Imperial Pacific International extended until 23 March

China casino operator Imperial Pacific International in the Commonwealth of the Northern Mariana Islands (CNMI) has gained a second extension to its receivership proceedings.

The company has a few more days to reach an agreement with the US Department of Labor or pay money owed from a consent judgement issued two years ago, worth around the value of $10m.

IPI was previously given time to comply until 12 March, but the deadline was extended an additional week until 19 March.

The second extension added four more days, with the new deadline for compliance set at 23 March to give the parties more time to complete negotiations. The extension will give the USDOL Wage and Hour division more time to determine the amount of wages due.

IPI’s receiver Joyce Tang of Civille & Tang, PLLC, was appointed in March of last year, and according to the Saipan Tribune, she agreed not to take any action until Tuesday.

Based on the court order, Tang has the power to perform all necessary acts to comply with the order and is legally authorised to “take possession of the defendants’ property, including all buildings, fixtures, improvements and appurtenances thereon, and personal and business property such as vehicles and equipment.”

The Casino operator reputedly also faces several private lawsuits, mostly centred around unpaid bills.