BP seeking billions for Gulf cleanup

How many times in our discussions has questions arisen about whether or not BP can actually pay for all of this? Now they are seeking billions of dollars in loans to help pay for it. Personally, I wonder how long it will take them to either file bankruptcy or merge with another oil giant. I don't think they will do it in the near future, but it could be a possibility down the road.

PressTV

Sat, 19 Jun 2010 01:38:44 GMT
Energy giant BP is asking for billion-dollar loans to help it resolve the oil spill crisis as crude continues to gush from an underwater well in the Gulf of Mexico.

BP PLC, battling to contain the oil spill under the Gulf of Mexico, now is seeking loans of $1 billion from each of seven banks to raise up to $7 billion.

The corporation may also raise five billion dollars in an unsecured bond.

US President Barack Obama has demanded that the company provide $20 billion for damage claims.

On Wednesday, BP announced plans to cut payments of dividends this year.

Experts say that despite different methods applied by BP for plugging the flow, 35 to 60 thousand barrels of oil are still spilling into the Gulf of Mexico every day.

Meanwhile, BP chief executive Tony Hayward has been relieved of day-to-day control of efforts to stop the oil spill, the company's chairman confirmed.

BP managing director Bob Dudley will now take charge of the response to the spill, which continues to threaten the Gulf Coast.

SG/HGL

Christian Science Monitor reporting the same story but a little more detailed.

here it comes

once the banks loan BP the money
then they hold an interest in the company.
They virtually own them.

That's another form of hostile take-over.

Methinks they should look around for a few pennies in their home coffers first...

The company that instigated the CIA to throw a coup d'état in Iran in 1953 - without which we surely would not have problems with Islamic radicals there - must have distributed a few billions during the past few years alone in dividends.

They do not want to touch the sacred cow of "investors."

But the sacred cow may become an endangered species soon.

Hmmmm.... Imagine if Haliburton or some Massive Haliburton subsidery manages to get them... Now theres a conspiracy folks...

What a load of crap again from BP!

NEW YORK – BP holds enough oil in its reserves to single-handedly supply the United States for two years.
It has little debt for a company of its size and makes more money than Apple and Google combined.

Link

reply to post by BlastedCaddy


You know...
You may just be onto something there

reply to post by boondock-saint


Sort of makes you wonder if the money is somehow going to come for *drum role please*
the US Government?

reply to post by Kokatsi


Hmm I had forgotten about the company
behind the company in that fiasco

reply to post by Grey Magic


They cannot tell the truth.
Maybe they just want some stimulus money?
Seems like everybody else is getting their hands in the honey pot

I say we seizes all BP's assets and do an audit on the company.

They made over 200 billion last year and was projected to make over 300 billion this year.. they have been making billions of dollars for years and years.. you cannot tell me they don't have the money.

They Do and they know it.. they just don't want to spend it.. if they can force the Gov or the world banks to lend them the money it will come ultimately from our pockets.

How Dare They! This is still them side stepping their responsibility.I do not know how these people can live with themselves, but for sure, they should not be allowed to live.

It's all posturing folks..

BP has more than likely laundered it's assets through it's sister companies. Has anyone forgotten that BP LLC stakeholders and asset managers are corporate entities? What's worse is the fact that they are the likes of JP Morgan and Berkshire Hathaway. Mega corps who are in and of themselves conflicts of interests can play a shell game with BP's assets. This link should give you a good idea how few people actually hold stake in this.

Here's how it goes:

Asset manager: "My holdings company owns an oil rig refurbishing plant. Hmm.. Think I'll sell BPs equipment to this company for pennies on the dollar and get BP to pay this company 1000x overpriced maintenance contracts for what they have cleaning up now in the Gulf."

Boom there is a simplified scenario that I assure you has been going on since the scope of this disaster was realized.

BP has to ask for loans now because they have officially hid their assets everywhere else. For them to file bankruptcy they have to show that they owe people beyond any hope of paying them back. Get their bank buddies to give them loans, then default on them, and you have grounds for bankruptcy

And so it begins. The first steps in shifting these costs to the taxpayers. Let's just give them an even $100 Billion US to make sure they have enough. It's all non-backed funds anyway.

reply to post by BlastedCaddy

See my topic from this morning about Halliburton buying Coots and Boots? Nine days before the explosion?

As for them borrowing the money...if it was me I guess I'd have to divest before I borrowed but I'm sure they have rules about that, not to mention a way better credit line than I do.

As for here we go, well so what if some other oil company buys them up? That's life in the world of big business.