Bankruptcy not on the cards for BP, as banks rally round
BP’s US operations do not face bankruptcy, despite the massive spike in CDS in the wake of the Gulf oil spill disaster and some talk that such an option might make sense. Bankers reckon the only reason BP would consider bankruptcy is if it were to lose access to liquidity – and such worries were decisively dealt with last week when it became clear that banks were prepared to lend the company billions of dollars.
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