Caribbean Petro Clears Ch. 11 Hurdle With Settlements

Law360, New York (March 21, 2011, 8:48 PM EDT) -- Caribbean Petroleum Corp. won bankruptcy court approval in Delaware on Monday for two crucial settlements to pay off secured lenders, clearing the way for creditors to begin voting on its Chapter 11 liquidation plan.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin Gross cleared a deal for CPC to pay Banco Popular de Puerto Rico $137 million, settling the lender’s claims in full, along with another $11.5 million settlement with FirstBank Holding Co. on its claims from a previous...
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