Will Banks Help BP?

With BP agreeing to pay $20 billion to help with pretty much everything surrounding the oil spill they will be looking to banks to give them loans to come up with the money.

BP hopes to keep the credit lines fairly low. Reuters reported, “BP is seeking to arrange credit lines of up to $7 billion from banks.”

BP is expected to only pay $5 billion of the $20 billion promised this year to cover claims for damages suffered by local fishermen and other business owners. The additional fees for other damages caused by the spill could amount to an estimated $3 billion to $6 billion.

BP is expected to have $12 billion left over in cash this year after its investment needs are paid off.

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