Imperial Pacific International (CNMI) LLC

Imperial Pacific is now moving toward a structured dismissal rather than a liquidation plan. In the latest joint update, the debtor and the Official Committee said the estate had about $3.09 million of cash as of May 5, had resolved or narrowed secured, priority, administrative and avoidance issues, and expected remaining funds to pay approved administrative expenses and an IRS priority tax claim before any pro rata general unsecured distribution through a dismissal framework Joint Status Report and Structured Dismissal Update.

At the May 28 status conference, Judge Robert Faris set an August 4, 2026 status conference for the anticipated dismissal motion and final fee applications, while also granting the Lijie Cui settlement and Loi Lam Sit stipulation, including the DIP lender's waiver of a $200,000 breakup fee and other DIP-related charges Minutes of Status Conference and Settlement Hearing. The practical read is that the case has shifted from value-maximization litigation and plan work to claims reconciliation, final fees, and a dismissal-driven distribution process.