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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap BP denies bankruptcy rumors, seeks advice AFP - Tuesday, June 15 Send IM Story Print BP denies bankruptcy rumors, seeks advice NEW YORK (AFP) - – BP has tapped financial advisers at Goldman Sachs, Blackstone Group and Credit Suisse as pressure mounts on the British energy giant over the devastating Gulf of Mexico oil spill, US media reported Monday. A BP spokesman denied the reports, saying the group did not want to reveal "who are our advisors and on what they are advising us." "There's no truth that we have hired bankers with a defense mandate," he added. A person close to the matter confirmed that BP had hired Blackstone financial advisers, but spokespeople for Goldman Sachs and Credit Suisse did not immediately respond to questions for comment. The New York Times said on its website that BP had brought in the advisers to study how to handle the firm's "mounting liabilities" nearly two months into the massive spill caused by a ruptured well deep underwater on the seafloor. As complaints and lawsuits pile up against the company, President Barack Obama's administration has also turned the screws on BP, demanding that it not only pay to clean up the Gulf Coast's fragile shorelines but also compensate local workers for loss of employment related to the catastrophe. The Obama administration has also pressured the firm to place funds in an escrow account to fund any potential liability claims, and to hold off on disbursing dividends. The oil spill has already cost BP some 1.6 billion dollars since the Deepwater Horizon rig it leased sank on April 22, and may have to pay out several more billions. Fox Business television said bankers estimate the final bill could reach 20 billion dollars paid off over several years, thus helping eliminate the impact on the firm's bottom line. It said BP hired the financial advisers to develop a strategy on how it could pay all liabilities over the next five years. Such a move could help BP ward off any hostile takeover or a bankruptcy filing, as the company's share price and value tumble. According to Fox Business, a bankruptcy filing "is not completely off the table," though bankers say it is a "low probability." A spokeswoman at BP's London headquarters denied any talk of bankruptcy. She noted that in a March strategy presentation, BP said its cash inflows and outflows were balanced at an oil price of 60 dollars per barrel. The price of oil was about 75 dollars a barrel in New York. "Under the current trading environment, we are generating significant additional cash," she added. Recommend Send IM Story Print News Search Top Stories Sons more likely to swindle their mums: study Mexico drug war attacks claim 43 lives in one day BP denies bankruptcy rumors, seeks advice BP shares plunge over 9 percent on oil spill fears Top European officials deny Spanish bailout bid More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World Cup marred by riots over pay, empty seats FIFA rules out banning vuvuzela horns BP denies bankruptcy rumors, seeks advice Italy's debt reaches record 1.8 trln euros BP shares plunge over 9 percent on oil spill fears More Most Viewed » The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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