FOR IMMEDIATE RELEASE
CCC finalizes IPI order; sets deadline for March 10, 2020
The Commonwealth Casino Commission on Monday finalized the order for Imperial Pacific International (CNMI), LLC to settle all uncontested accounts payables (90 days or older) on or before March 10, 2020.
The CCC during its January 30, 2020 board meeting discussed and approved CCC Order No. 2020-001 which orders the sole casino licensee to settle all uncontested accounts payables that are 90 days or more due.
Additionally, the CCC further orders that IPI must within 30 days certify in writing that the casino licensee is a “going concern” as commonly used in financial accounting; the casino licensee as a business entity is “solvent” as commonly used in financial accounting; the casino licensee has the present ability to pay debts as they mature and become due, the casino licensee has paid all such debts within 90 days of their accrual; the casino licensee has the present ability to pay to private entities all payments required by contract, the casino licensee has no such uncontested payables 90 days or older; and the casino licensee has the present ability to fully construct the entirety of the Initial Gaming Facility in Garapan, Saipan, CNMI.
The order was published as a supplement to Commonwealth Register Volume 42, Number 01 on January 28, 2020.
If you are a vendor who stands to receive payment from IPI from a previous uncontested and completed contract 90 days or older and did not receive payment on or before March 10, 2020, please contact the Commonwealth Casino Commission at (670) 233- 1857/58 or visit the Commission’s office located at Unit 13 and 14 at the Springs Plaza in Gualo Rai with a copy of the signed contract.