Federal Judge Sets October Deadline for IPI Restructuring After Asset Sale

Imperial Pacific International’s path to financial recovery has taken a decisive turn following the completion of its asset sale in Saipan. Earlier court-supervised proceedings culminated in Team King Investment (CNMI) LLC finalizing the purchase of IPI’s core casino assets—including the land lease and partially built resort—for US $12.95 million, held in escrow, prompting Judge Robert J. Faris to lift his prior show-cause order that had threatened dismissal of the Chapter 11 case.

With the sale successfully closed, creditors and government stakeholders are gearing up for fund distribution. Secured creditors are set to receive their payments, while the Committee of Creditors collaborates with IPI and the CNMI government to facilitate payouts. Judge Faris has imposed a firm deadline—October 31, 2025—for IPI’s attorney to submit a formal reorganization plan and disclosure statement, signaling the transition into the restructuring phase of the bankruptcy process.

While these legal milestones bring clarity, challenges linger. A separate dispute over 28 containers left by IPI in a storage yard remains unresolved, with fees totaling US $272,580. Judge Faris reclassified the matter as an administrative expense and scheduled a court hearing for October 2, 2025, underscoring the ongoing complexities that must be addressed even as the broader restructuring advances.