BP Looking To Collateralize Assets -Fox Business's Gasparino

21st Jun 2010 19:27

DOW JONES NEWSWIRES Charlie Gasparino of Fox Business Network reports that BP PLC's (BP) main thrust of raising money is going to banks and securing lines of credit to pay off some of its liabilities from the Gulf of Mexico oil spill. Gasparino said BP wanted to do a corporate bonding, but it was "prohibitively expensive and challenging." Late last week, the company tried to do a private placement with hedge funds in order to raise funds, Gasparino said, citing people inside the high-yield market who were pitched by BP executives. He said the company tried to make a deal to put pledged assets to a bond just like ExxonMobil Corp. (XOM) did after the Valdez spill. He said everything is on the table, and it is a fluid situation, but a corporate bond deal "looks doubtful." Full story at www.foxbusiness.com -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires June 21, 2010 14:27 ET (18:27 GMT)