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. <\/p>\n
Saipan Sea Ventures Inc. president Margaret Pellegrino, through counsel Alexis Fallon, filed for Chapter 11 bankruptcy.<\/p>\n
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\u2019s objective is to adjust and reorganize a debtor\u2019s obligations so as to allow the business to continue.<\/p>\n
Fallon said Saipan Sea Ventures\u2019 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.<\/p>\n
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.<\/p>\n
Saipan Sea Ventures has a lease agreement with CPA for space at the Port of Saipan, generally known as Delta Dock.<\/p>\n
According to Fallon, Delta Dock was affected by Typhoon Soudelor and needs to be repaired.<\/p>\n
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.<\/p>\n
Last year, only four bankruptcy cases were filed in the district court. <\/p>\n","protected":false},"excerpt":{"rendered":"
Saipan Sea Ventures Inc. has the dubious distinction of being the first to submit a…<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[56,10804,15076,6333],"class_list":["post-244279","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-business-3","tag-delta-dock","tag-margaret-pellegrino","tag-typhoon-soudelor"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/244279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=244279"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/244279\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=244279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=244279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=244279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}