Fuel Blasts Push Caribbean Petroleum Into Ch. 11

Law360, New York (August 13, 2010, 4:16 PM EDT) -- Caribbean Petroleum Corp. has filed for bankruptcy protection in the wake of explosions that crippled its fuel storage facility in Bayamon, Puerto Rico, and subjected the company to substantial emergency and environmental cleanup costs.

The company filed a Chapter 11 petition with the U.S. Bankruptcy Court for the District of Delaware on Thursday, saying that its operations had been “severely constrained” since catastrophic explosions in October at the Bayamon facility.

The blasts damaged or destroyed more than half of Caribbean Petroleum's storage tanks, impaired surrounding infrastructure...
To view the full article, register now.