TEAM King Investment (CNMI) LLC, which won the auction bid for the sale of Imperial Pacific International casino assets, officially closed the deal on Aug. 20.
CNMI Bankruptcy-designated Judge Robert J. Faris, for his part, discharged his previous order to show cause in IPI’s Chapter 11 petition because the court-approved sale closed before Aug. 21.
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 sale had been delayed due to a dispute over the assignment of IPI’s ground lease (LA 15-002S) with the Department of Public Lands, covering 19,204 square meters of land. Most delays were attributed to finalizing the lease assignment and other closing documents requiring DPL’s approval.
At a status hearing on Thursday, IPI, represented by attorney Chuck Choi, informed the court that the escrow was fully funded as of Aug. 20, 2025, and the transaction had officially closed.
Attorney Christopher Wong, who represented the committee of creditors, said the committee is working with IPI to distribute funds to claimants and unsecured creditors.
The CNMI government, through Assistant Attorney General J. Robert Glass Jr., confirmed receipt of the payment as of Wednesday and told the court that he will coordinate with IPI and the committee attorneys regarding unsecured claims.
Halegua also confirmed receipt of payment and stated he will proceed with distribution to secured creditors.
Judge Faris directed Choi to file a plan and disclosure statement by Oct. 31, 2025. The U.S. Trustee, represented by attorney Curtis Ching, will prepare and submit the corresponding court order.
Saipan Stevedoring container issue
Regarding Saipan Stevedoring Company’s relief request, Judge Faris converted it to a motion for administrative expense and scheduled a hearing for Oct. 2 at 9 a.m.
The company asked the federal bankruptcy court to direct IPI or Team King Investment 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.
Team King, through attorney Louie Yanza, told the court that his client has requested arrangements for the removal of the containers.
“Team King will assume responsibility for any storage fees incurred after the closing date and anticipates moving the containers sometime next week,” Yanza said.
Seman then requested the official transfer date for billing purposes.
