BP Looks To Raise More Funds From Banks - Newspaper

1st Jul 2010 07:54

LONDON (Dow Jones)--BP PLC (BP) is seeking more short-term funding from banks to deal with liabilities related to the Gulf of Mexico oil spill, the Financial Times reports Thursday. Citing people familiar with the talks, the paper said that BP had returned to banks for a new round of financing that would boost the $20 billion of cash and credit it had raised as of last week. BP could raise another $5 billion, but at the cost of rising margins and fees, the FT reported. Newspaper Web site: http://www.ft.com -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320 (END) Dow Jones Newswires July 01, 2010 02:54 ET (06:54 GMT)