Caribbean Petroleum

Caribbean Petroleum Corporation controlled 19% of the retail petroleum market in Puerto Rico through approximately 220 service stations, a 48,000 barrel-per-day refinery, a 2.2 million barrel tank farm, pipelines, and the only privately owned dock and terminal facility in San Juan Harbor. Notwithstanding in excess of $80 million of secured debt, the committee was successful in negotiating a consensual plan that provided for an effective-date distribution of 40% and distributions of an additional 30% over the three-year period following the effective date.

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