Treasury wants Caribbean Petroleum case transferred to Puerto Rico

By Caroline Salls

Pittsburgh, Aug. 19 - The Puerto Rico Treasury Department asked the U.S. Bankruptcy Court for the District of Delaware to transfer Caribbean Petroleum Corp.'s Chapter 11 bankruptcy case to the U.S. Bankruptcy Court for the District of Puerto Rico, according to a Thursday court filing.

The department said the company's offices and operations are based in Puerto Rico.

In addition, the department said Caribbean Petroleum's pre-bankruptcy secured lenders do business under Puerto Rican law, and 23 of its 30 largest unsecured creditors are located in Puerto Rico.

According to the motion, only 62 of the 765 total creditors listed by the company are not in Puerto Rico.

In addition, the department said only one of the company's creditors is located in Delaware.

"Puerto Rico has a stronger interest in adjudicating the cases than Delaware," the department said in the motion.

"The connection of the cases to Delaware is minimal at most."

A hearing is scheduled for Sept. 8.

Caribbean Petroleum, a Bayamon, Puerto Rico, oil company, filed for bankruptcy on Aug. 12. Its Chapter 11 case number is 10-12553.

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