Imperial Pacific International (CNMI) – once envisioned as a $400 million casino project in Saipan but left unfinished at 60 percent completion – is now moving toward its final chapter as creditors prepare to vote on its proposed Chapter 11 liquidation plan.
According to The Marinas Variety, on November 15th, 2025, attorneys for IPI and the Official Committee of General Unsecured Creditors filed a motion with the US Bankruptcy Court in the Northern Mariana Islands seeking approval of balloting procedures and disclosure statements. If granted, solicitation packages will be distributed to eligible creditors.Â
These packages will contain the liquidation plan, disclosure statement, ballots, and notice of the confirmation hearing. Only impaired creditors, including the Commonwealth Casino Commission, the Commonwealth Treasurer, and several private claimants, will be entitled to vote.
Ballots and objections must be submitted no later than 14 days before the confirmation hearing, which will be overseen by Judge Robert J. Faris in Saipan. If the plan is confirmed, it will establish a liquidating trust to wind down operations and distribute the company’s remaining assets.
Imperial Pacific operated its Saipan casino from 2016 until March 2020, when the COVID-19 pandemic forced closure. The company filed for Chapter 11 bankruptcy in April 2024, citing liabilities of more than $165.8 million.
In February 2025, Team King Investment (CNMI) LLC acquired IPI’s casino assets through a court-approved auction, with final approval granted in April 2025 after creditor objections were resolved.
