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Saipan – Imperial Pacific denies bankruptcy rumour

By - 12 November 2018

Imperial Pacific, operator of Imperial Pacific Resort in Saipan, has said it is not going into bankruptcy and will take legal action to end the rumours.

Imperial stated: “The rumour of the bankruptcy proceeding is completely false. This rumour is circulating on social media about a senior executive of IPI, and the financial status of the company. The rumour is completely baseless and untrue. If in fact IPI had or will be initiating bankruptcy proceedings, an announcement with the Hong Kong Stock Exchange would have been made. Legal action will be taken against the original online source spreading slanderous fake news.”

Imperial Pacific Resort, perched on the water front of downtown Garapan, operates 193 gaming tables and 365 slot machines. The rumours of its impending bankruptcy came following its announcement that it would be looking to raise HKD300m (US$38.3m) from a bond placement. It said the proceeds of the sale would be used ‘for general corporate purposes.’
In August it was given another extension to complete the initial phase of its casino resort until February 28, 2021,. There had also been rumours about salaries not being paid due to ‘transfer issues.’
Last month former executive Mark Brown said he would ‘return from retirement’ as the ‘interim chairman’ of the company. IN August it announced that profits had fallen 91.3 per cent in the first six months of the year.

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