Caribbean Petro Plan Resolves Debts, Enviro Liability

Law360, New York (February 7, 2011, 6:21 PM EST) -- Bankrupt Caribbean Petroleum Corp. has filed a liquidation plan that calls for it to pay main lender Banco Popular de Puerto Rico nearly $138 million and up to $8 million to settle environmental claims brought by U.S. regulators.

The liquidation plan, filed Friday in the U.S. Bankruptcy Court for the District of Delaware, also said that CPC faces over $455 million in claims brought by victims of the 2009 explosions at its fuel storage facility in Bayamon, Puerto Rico.

CPC will also pay FirstBank Holding Co....
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