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BP Reportedly to Raise $50 Billion for Spill

Quoting the key comments (with respect to fund raising)....

"BP Plc is planning to raise $50 billion to cover the cost of the Gulf of Mexico oil spill, a London newspaper reported Sunday....

...London's Sunday Times reported that BP plans to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years to cover the costs of the largest oil spill in U.S. history...

...The newspaper did not cite its sources but said BP wants to raise the cash in order to avoid its credit ratings from being weakened further....

...Moreover, BP said last week that it would suspend dividend payments to its shareholders and increase the pace of asset sales to $10 billion this year."

The full article can be found here....
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