DESIGNATED Judge Robert J. Faris of the District Court for the NMI’s bankruptcy division has ordered Imperial Pacific International to file a disclosure statement, proposed plan of reorganization, and any related pleadings by Oct. 31, 2025.
Judge Faris also directed the debtor, IPI, “to promptly obtain a hearing date for the approval of the disclosure statement at the court’s next available hearing date on proper notice.”
Team King Investment (CNMI) LLC, which won the auction bid for the sale of IPI’s casino assets, officially closed the deal on Aug. 20. The sale of IPI’s casino assets to Team King was finalized for $12.95 million.
Earlier, Judge Faris discharged his previous order to show cause in IPI’s Chapter 11 petition because the court-approved sale closed before Aug. 21, 2025.
IPI operated a casino in Saipan for four years before closing in March 2020 due to the COVID-19 pandemic. The company filed for Chapter 11 bankruptcy on April 19, 2024, citing more than $165.8 million in liabilities.
Team King Investment (CNMI) LLC won the bid for IPI’s casino assets during 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 objections to the sale due to concerns that Team King might include insiders from IPI, but later withdrew those objections to allow the deal to proceed.
Saipan Stevedoring container issue
In a declaration filed in court recently, Saipan Stevedoring Company general manager Lee Cabrera stated that IPI owes the company $288,510 for storing 28 containers.
Previously, the company, through attorney Vince Seman, had asked the federal bankruptcy court to direct IPI or Team King Investment to provide a detailed plan explaining how and when it intends to remove the 28 containers from Saipan Stevedoring’s storage facility.
According to the company, it has been storing IPI’s containers since 2022 without payment.
Likewise, Team King, as the new owner of the unfinished casino resort, will have to resume paying government regulatory fees and developer taxes.
