Saipan Stevedore claims IPI owes US$189,390 in storage fees.
Northern Mariana Islands.- Saipan Stevedore has asked the federal bankruptcy court to lift the automatic stay currently in place and to require Imperial Pacific International (IPI) to deal with containers stored at its facility. Attorney Vince Seman said that like secured creditors, Saipan Stevedore, an administrative creditor, does not have enough protection if the value of the containers decreases.
Since April 19, 2024, 28 containers have been accumulating US$590 in daily storage fees: 19 40-foot containers at a daily rate of US$23 and nine 20-foot containers at US$17. By February 5, IPI had accrued US$189,390 in storage fees.
According to Mariana’s Variety. Seman said IPI has not explained why the containers cannot be moved before any sale. He said IPI continues to run up administrative costs by not looking for cheaper storage options. Seman noted that there was no certainty the court would grant Saipan Stevedore the full amount of expenses even if a sale of IPI’s assets is approved. He said that in the meantime, Saipan Stevedore is losing money because it cannot use the space occupied by IPI’s containers.
IPI filed for Chapter 11 bankruptcy last April, citing debts of over US$165.8m. Among the company’s largest unsecured creditors are the CNMI Treasury, MCC International, the Commonwealth Casino Commission (CCC), the law offices of Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation and Joshua Gray with claims ranging from US$5.68m to US$62m.
