Imperial Pacific International has reached a settlement with one of many creditors that have sued it over the past year. It has settled with Ping Shun Corp. and the two parties filed a motion with the U.S. District Court for the (Northern Mariana Islands) NMI to dismiss the creditor’s breach of contract lawsuit against the casino developer.
The judge granted the request November 23.
They also requested the court to direct the release of $220,000 from an appeal bond IPI had previously posted.
Ping Shun sued IPI for breach of contract in June 2020. The creditor had claimed to provide meals for thousands of employees associated with building a hotel-casino on Saipan along with guests and construction workers for three years, from 2016-2019. IPI didn’t pay for the services and for damages to Ping Shun’s furniture and appliances.
Last year the court ruled in favor of Ping Shun in the amount of $443,900. The agreement the parties made in November supersedes that ruling.
