BP plans to borrow £3bn to shore up their balance sheet

[SoCalDem]

BP aims to balance the books with £3bn loans to shore up balance sheet

By Daily Mail
Last updated at 9:03 AM on 17th August 2010



BP is seeking more than £3bn in loans to shore up its balance sheet against the
company’s estimate of £20bn in Gulf of Mexico oil spill costs.

The loans will be backed by revenue from BP’s oilfields in Azerbaijan and Angola and
are to be managed by a quartet of banks.


But BP’s shares fell 6.65p to 409.75p on news that the state of Alabama is to sue the
company, with fellow Gulf states Florida, Mississippi and Louisiana expected to
follow suit.

However, the spill could be declared officially over by the end of the week, if US
authorities give BP permission to pump heavy fluid into the Macondo oil well, in a
procedure – known as ‘bottom kill’ - aimed at permanently sealing it.

Read more: http://www.dailymail.co.uk/money/article-1303754/BP-aims-balance-books-3bn-loans-shore-balance-sheet.html#ixzz0wtnOvbwm


Read more: http://www.dailymail.co.uk/money/article-1303754/BP-aims-balance-books-3bn-loans-shore-balance-sheet.html#ixzz0wtkxvcrc