Saipan District Court Judge Robert J. Faris has set an October 31st deadline for Imperial Pacific International (IPI) to file its reorganization plan, following Team King Investment’s $12.95 million acquisition of the bankrupt casino operator’s assets.
According to the Marinas Variety, the judge ordered IPI to submit a disclosure statement, proposed plan of reorganization, and related pleadings by the deadline, while directing the debtor to promptly schedule a hearing for disclosure statement approval. Team King Investment (CNMI) LLC officially closed the acquisition on August 20th, finalizing a deal that began with their winning bid at a court-approved auction on February 26th, 2025.
Judge Faris discharged his previous order related to IPI’s Chapter 11 bankruptcy petition since the court-approved sale closed before the August 21st deadline. IPI had operated a casino in Saipan for four years before shutting down in March 2020 due to the COVID-19 pandemic. The company filed for Chapter 11 bankruptcy on April 19th, 2024, reporting liabilities exceeding $165.8 million.
The acquisition faced initial resistance from the CNMI Office of the Attorney General, which raised concerns about potential IPI insiders within Team King but later withdrew objections to allow the transaction to proceed. Judge Faris approved the sale on April 29th, 2025, after resolving creditor objections.
Outstanding issues remain regarding storage fees, with Saipan Stevedoring Company claiming IPI owes $288,510 for storing 28 containers since 2022 without payment. Team King, as the new owner of the unfinished casino resort, will assume responsibility for post-closing storage fees and must resume paying government regulatory fees and developer taxes. A hearing regarding the storage dispute is scheduled for October 2nd, 2025.
Team King previously indicated that completing the ongoing casino resort construction would require an additional $150 million investment.
