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Saipan Sea Ventures files for bankruptcy
Creditor CPA has $331,000 in unsecured claims
Saipan Sea Ventures Inc. has the dubious distinction of being the first to submit a bankruptcy petition before the U.S. District Court for the NMI this year.
Saipan Sea Ventures Inc. president Margaret Pellegrino, through counsel Alexis Fallon, filed for Chapter 11 bankruptcy.
A Chapter 11 petition allows a debtor to enter into an agreement with creditors under which all or part of the business continues. Chapter 11’s objective is to adjust and reorganize a debtor’s obligations so as to allow the business to continue.
Fallon said Saipan Sea Ventures’ estimated assets are between $500,001 and $1 million and estimated liabilities are also between $500,001 and $1 million. The estimated number of creditors is between one and 49.
On the list of 20 creditors with the largest unsecured claims are the Commonwealth Ports Authority in the amount of $331,000; First Hawaiian Bank in the amount of $125,931; and Yang Ji Corp. in the amount of $43,422.
Saipan Sea Ventures has a lease agreement with CPA for space at the Port of Saipan, generally known as Delta Dock.
According to Fallon, Delta Dock was affected by Typhoon Soudelor and needs to be repaired.
Last April, a boat owner filed a lawsuit against Saipan Sea Ventures and Saipan USA Fisheries Inc. after a boat got loose and struck his moored vessel at the Port of Saipan at the height of Typhoon Soudelor last Aug. 2.
Last year, only four bankruptcy cases were filed in the district court.
