Caribbean Petroleum's Ch. 11 Will Stay in Del.

Law360, New York (September 8, 2010, 7:14 PM EDT) -- A federal judge on Wednesday rejected an attempt by the Puerto Rico Treasury Department to transfer Caribbean Petroleum Inc.’s bankruptcy case to a court in its jurisdiction, clearing the way for the company to begin arranging for the sale of its assets.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware denied the change of venue motion, which the debtors and the official committee of unsecured creditors had opposed.

“Transferring the case is fraught with risk for the debtors,” Judge Gross said,...
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