U.S. Bankruptcy Judge Robert J. Faris last week approved a stipulation allowing Saipan Stevedore Company’s Chapter 11 administrative expense claim in the Imperial Pacific International bankruptcy proceedings.
On Sept. 20, Saipan Stevedore, IPI, and the Official Committee of General Unsecured Creditors, through their respective attorneys, submitted a stipulation reducing the stevedore company’s administrative expense claim. Judge Faris approved the stipulation in its entirety.
“The Stevedore Administrative Claim shall be deemed reduced to $222,430.00 and shall be allowed as an administrative expense claim pursuant to 11 U.S.C. § 503(b)(1)(A), to be paid in connection with a confirmed plan of liquidation in this case or pursuant to a further order,” the court-issued order stated.
The bankruptcy court will retain jurisdiction over any disputes arising from the stipulation.
Saipan Stevedore Company’s general manager, Lee Cabrera, stated in a filed declaration that IPI owes the company $288,510 for storing 28 containers since 2022 without payment. Previously, through attorney Vince Seman, the company asked the court to direct IPI or Team King Investment to provide a detailed plan outlining how and when the containers would be removed from its storage facility.
Earlier, Judge Faris ordered IPI to file a disclosure statement, proposed plan of reorganization, and any related pleadings by Oct. 31, 2025. He also directed the debtor to promptly obtain a hearing date for approval of the disclosure statement at the court’s next available hearing.
Team King Investment (CNMI) LLC, which won the auction for IPI’s casino assets, officially closed the $12.95 million deal on Aug. 20. The company had operated a casino in Saipan for four years before closing in March 2020 due to the Covid-19 pandemic. IPI filed for Chapter 11 bankruptcy on April 19, 2024, citing more than $165.8 million in liabilities.
Team King won the bid for IPI’s casino assets at a court-approved auction held on Feb. 26, 2025. Judge Faris approved the sale on April 29, 2025, after resolving creditor objections. The CNMI Office of the Attorney General initially raised concerns that Team King might include IPI insiders but later withdrew the objections, allowing the deal to proceed.
As the new owner of the unfinished casino resort, Team King is now responsible for resuming payment of government regulatory fees and developer taxes.
