SAIPAN Stevedoring Company is asking the federal bankruptcy court to direct Imperial Pacific International (CNMI) LLC or Team King Investment (CNMI) LLC to provide a detailed plan explaining how and when they intend to remove IPI’s 28 containers from Saipan Stevedoring’s storage facility.
Represented by attorney Vince Seman, Saipan Stevedoring told the court that as of July 22, the outstanding balance for storage fees had reached $272,580.
Saipan Stevedoring is seeking relief from the federal bankruptcy court’s automatic stay to compel IPI to immediately address the containers, which remain in storage and are accruing daily storage fees of $590.
According to Seman, since April 19, 2024, the containers have been accumulating storage charges at a rate of $590 per day — about $17,700 per month.
The 28 containers consist of nineteen 40-foot containers billed at $23 per day, and nine 20-foot containers billed at $17 per day.
Seman said that while his client does not agree with the additional continuance of the status conference and hearing on Saipan Stevedoring’s motion for relief from stay, they will not oppose the request that was made by IPI. However, Seman emphasized that Saipan Stevedoring strongly opposes any further requests for continuances.
IPI operated a casino on 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. Federal Judge Robert J. Faris approved the sale on April 29, 2025, after resolving objections from creditors.
However, the sale has been delayed due to a dispute over the assignment of IPI’s ground lease (LA 15-002S) with the Department of Public Lands, which covers 19,204 square meters.
In a recent joint status report, the parties said progress is being made toward closing the transaction, with most delays attributed to the finalization of the lease assignment and other closing documents requiring DPL’s approval.
Judge Faris has scheduled the next status hearing for July 24 at 9 a.m.
