The sale of Imperial Pacific International’s (IPI) Saipan casino assets has officially closed, marking a major milestone in a bankruptcy process that has stretched on for over a year. Team King Investment (CNMI) LLC, a newly formed company that won the bid at a court-supervised auction in February, completed the transaction on August 20 after transferring the full purchase price of $12.95 million into escrow.

The deal’s completion allowed CNMI Bankruptcy Judge Robert J. Faris to lift his earlier order to show cause regarding IPI’s Chapter 11 petition, which had been at risk of dismissal if the transaction was not finalized before August 21. IPI had operated its Saipan casino for four years before closing in March 2020 as the COVID-19 pandemic halted operations. Burdened with more than $165.8 million in liabilities, the company filed for Chapter 11 bankruptcy on April 19, 2024.

Disputes Over Lease Assignment Delayed Sale

Although Team King secured the winning bid on February 26, 2025, Judge Faris did not approve the sale until April 29 after addressing creditor objections. The process was slowed further by complications tied to the assignment of IPI’s ground lease (LA 15-002S) with the Department of Public Lands (DPL). Covering nearly 19,204 square meters of land, the lease was central to the transfer of assets.

According to court filings analyzed by Marianas Variety, the DPL ultimately executed and recorded the lease assignment, allowing the sale to proceed. Delays had also stemmed from banking verification requirements, with millions of dollars transferred internationally from Hong Kong to Saipan undergoing additional regulatory checks before being deposited.

Creditor Payments Now in Motion

With the transaction finalized, creditors are preparing for payouts. Attorney Christopher Wong, representing the Committee of Creditors, told the court the group is working with IPI to distribute funds to both claimants and unsecured creditors. The CNMI government also confirmed receipt of payment through Assistant Attorney General J. Robert Glass Jr., who will coordinate with IPI and creditor attorneys regarding claims.

Meanwhile, attorney Jack Halegua confirmed secured creditors would begin receiving their share of distributions. Judge Faris instructed IPI’s attorney, Chuck Choi, to submit a reorganization plan and disclosure statement by October 31, while U.S. Trustee attorney Curtis Ching will prepare the accompanying court order.

Storage Container Dispute Surfaces

In a related matter, Saipan Stevedoring Company has sought clarification from the court regarding 28 containers left in its storage yard by IPI. Represented by attorney Vince Seman, the company reported that unpaid storage fees had ballooned to $272,580 as of July 22. Judge Faris reclassified the request as a motion for administrative expense and set a hearing for October 2.

Team King’s attorney, Louie Yanza, assured the court that his client intends to move the containers soon and will take on responsibility for any storage charges incurred after the August 20 closing date. He added that arrangements to clear the containers could be completed as early as next week.

Questions Over Team King’s Origins

While the transfer of IPI’s assets is now complete, questions linger regarding Team King’s background and its possible connections to IPI’s past leadership. Corporate filings list the company’s formation in February 2025, with documents submitted by Howyo Chi, reportedly an IPI director. Its sole manager, Hiroshi Kaneko, had previously planned a $300 million investment into IPI.

Further raising eyebrows, the only other bid in the February auction came from an individual tied to Ji Xiaobo, son of IPI founder and majority shareholder Cui Li Jie. Cui and Ji had co-founded the Macau junket operator Heng Sheng in 2009, strengthening speculation that the asset transfer may not represent a full break from IPI’s original ownership.

Team King now holds rights to IPI’s core assets, including the partially completed hotel development, the land lease, and an option to acquire the casino license. However, the company has yet to outline concrete plans for the stalled resort project. Completing IPI’s original vision is expected to cost an additional $150 million, raising uncertainty about whether construction will resume anytime soon.