Thursday, July 1, 2010

BP (NYSE:BP) Searching for $5 Billion More in Funding

It's unknown how long BP (NYSE:BP) can continue going through the money they're spending on the Gulf oil spill, but they are again seeking to access more capital; reportedly looking for an additional $5 billion to help them with the liabilities associated with the spill.

The preferred method of raising this latest round of funding is through short-term loans from banks.

This doesn't include the $20 billion committed to the escrow fund for those making claims from damages related to the accident.

So far BP has paid out over $2.7 billion for cleaning up the spill.

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