BP Searching For Cash
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Source: Reuters
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BP is trying to borrow $7 billion.
Reuters reported on Friday that the company has put requests in with seven different banks, hoping that each bank would lend them $1 billion.
Earlier this week, President Obama asked BP set up a $20 billion escrow fund to be distributed to the individuals and businesses affected by the Gulf of Mexico oil spill.
It appears that BP's fundraising efforts are directly connected to their desire to establish the escrow fund quickly.
In other oil spill news, BP claims that their spill containment efforts captured a 25,000 barrels of oil on Thursday, which is more than they have ever captured on a single day. And, also, Tony Hayward stepped down as the overseer of day-today spill cleanup operations, handing the reins to an American colleague, managing director Bob Dudley.
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