Caribbean Petroleum Seeks Bankruptcy After Explosion
This article is for subscribers only.
Caribbean Petroleum Corp., operator of the only privately owned deep-water dock in San Juan Harbor, Puerto Rico, sought bankruptcy protection after having been ordered by the U.S. government to clean up environmental hazards stemming from an explosion that damaged petroleum storage tanks.
The closely held company cited debts of $500 million to $1 billion in the Chapter 11 filing in Wilmington, Delaware, yesterday. Caribbean Petroleum has assets of $100 million to $500 million, according to the filing.