Judge sets October deadline for IPI reorganisation

Imperial Pacific International must submit a restructuring plan as Team King assumes responsibilities.

Northern Mariana Islands.- A US federal judge has given Imperial Pacific International (IPI) until October 31, 2025, to file its disclosure statement, proposed reorganisation plan, and related pleadings following the sale of its casino assets to Team King Investment (CNMI) LLC.

Judge Robert J. Faris of the District Court for the NMI’s bankruptcy division also directed IPI to secure a hearing date for the disclosure statement’s approval. The order comes after Team King closed its US$12.95m acquisition of IPI’s assets on August 20. The deal stems from a court-approved auction in February and was approved in April despite initial creditor and regulatory objections.

IPI, which operated a casino in Saipan for four years before its closure in March 2020 due to the Covid-19 pandemic, filed for Chapter 11 bankruptcy in April 2024 with liabilities surpassing US$165.8m. The Attorney General’s office had initially questioned potential insider ties between Team King and IPI, but later withdrew its objections, enabling the transaction to proceed.

Outstanding creditor issues remain. Saipan Stevedoring Company claims that IPI owes US$288,510 in unpaid storage fees for 28 containers held since 2022. A hearing on the matter is scheduled for October 2. Team King, as the new asset owner, will be responsible for post-closing storage costs, as well as regulatory fees and developer taxes.

Looking ahead, Team King faces the challenge of completing the unfinished Garapan casino resort. The company has previously indicated that finishing construction could require an additional US$150m investment.

Imperial Pacific International must submit a restructuring plan as Team King assumes responsibilities. Northern Mariana Islands.- A US federal judge has given Imperial Pacific International (IPI) until October 31, 2025,…