BP Needs A Li'l Money

Author:
Publish date:
Updated on

I don't know if you've heard about this, but BP is in a bit of a tough spot right now. Some stuff went down in the Gulf Coast recently-- would rather not rehash-- and while it's nothing to freak out about, things are a little tense. In the meantime the company needs, uh, just like a few clams (too soon for shellfish humor?) to tide itself over. Thinking like a few bill, give or take a few more bill.

Battling to plug a gushing oil well under the Gulf of Mexico, is seeking loans of $1 billion (676 million pounds) from each of seven banks to raise up to $7 billion, banking sources told Thomson Reuters LPC on Friday. Banks including Barclays, HSBC and Royal Bank of Scotland are working on loans of $1 billion each for BP, several banking sources said.

"BP is quietly approaching banks for the facility and it's a club deal," a second banker said. A third banker said that no U.S. banks were providing loans.

Embattled BP asks 7 banks for $1 billion each [Reuters]

Related