Imperial Pacific International counsel Michael Dotts has confirmed there are no plans for IPI to file for bankruptcy, despite rumors encircling the embattled casino operator, Saipan Tribune reports.
The casino operator has been plagued with a number of lawsuits in recent years and has admitted to having difficulty in paying associated fines, let alone employee wages and electricity bills.
When asked by reporters whether IPI was planning to file for bankruptcy, Dotts said he has not been instructed to do so.
“If this were an American company, we’ve done it already,” he said, however.
“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.
IPI’s parent company is Hong Kong-listed Imperial Pacific International Holdings Limited.
When asked about IPI’s lack of top leadership on the ground, Dotts described it as a “transition” phase for the company, and that it would eventually hire a CEO and CFO and full-time general counsel.