It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Sky News Exclusive: BP Lines Up War Chest

page: 1
2

log in

join
share:
CX

posted on Jun, 15 2010 @ 05:07 PM
link   
Could someone please explain this one to me, is this BP asking for money from the banks to cover costs associated to the spill, or is it their money?


Sky News has exclusively learnt that BP is lining up a £5bn war chest from banks to help meet the costs of the oil spill.

Sky News City editor Mark Kleinman revealed that the company is engaged in talks with some of the world's biggest banks, including HSBC, to meet their financing needs.

He said the funds would be used to cover an expected influx of compensation claims over the coming months.

BP disclosed on Monday that it had already spent $1.6bn (£1.1bn) on controlling the spill.

Source: Sky News Exclusive: BP Lines Up War Chest


To me it looks like they are looking for alternative funding to cover the mess they are supposed to be paying for?

This company makes billions every quarter in profit, why on earth would they need money from elsewhere?

CX.

[edit on 15/6/10 by CX]




posted on Jun, 15 2010 @ 05:14 PM
link   
Greed knows no bounds, I would have thought that was obvious by now.

Remain Vigilant.

Spelling edit

[edit on 15/6/10 by bonsaisert]



posted on Jun, 15 2010 @ 05:19 PM
link   
reply to post by CX
 


To be fair to BP, just because they have made billions of dollars in profits, it does not mean they have billions of dollars in cash ready to distribute to all the claimants. No matter how large or how profitable a company is, if it had to distribute billions of dollars in cash like BP may have to, this could be catastrophic to the finances of the company. This is why BP may need to make a loan.



posted on Jun, 15 2010 @ 05:25 PM
link   
GET READY FOR A HUGE STOCK MARKET CRASH.....AMERICA TO GO BELLY UP.



new topics

top topics
 
2

log in

join