Imperial Pacific International in the CNMI recently filed for Chapter 11 bankruptcy in NMI District Court.

KUAM learned that the Saipan Casino, which has been out of operation and has been fighting to keep its exclusive gaming license, owes at least $165-million to creditors.

The Commonwealth Casino Commission was in the process of holding a license revocation hearing the past few weeks, however, amid the recent news CCC Vice-Chair Ralph Demapan told KUAM, “The Commonwealth Casino Commission has postponed its April 22 revocation until further notice.”

Chapter 11 bankruptcy allows the organization to restructure itself while keeping the business open with a plan to pay creditors over time.

The revocation hearing was delayed after CCC Executive Director Andrew Yeom reported that they were nearing a settlement agreement.

Now, what the CCC will do or won’t do remains to be seen.