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john65pennington's avatar

Will BP file bankruptcy to avoid restitution?

Asked by john65pennington (29268points) June 8th, 2010

The bills for BP are piling sky high, just like the oil on Louisiana’s beaches. will BP pay the bills or will BP file bankruptcy? i feel that BP and BP alone should bare the entire cost of the oil cleanup, plus the lost wages of fishermen and vacation resorts located on the effected beaches. Can BP afford to make these payments? should BP not be allowed to file bankruptcy, but instead, sell its stores in order to do the right thing with the animals and the public and make restitution?

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5 Answers

mammal's avatar

BP will do as they please and there’s nothing anyone can do about it, they are one of the biggest most important corporations to the industrial world, they aren’t going bankrupt, feigning bankruptcy or any thing else. If they do start to struggle they will team up with Dutch Shell in the mother of all mergers and eat everyone else for breakfast. Once again get real when the Former Union Carbide corporation start paying proper restitution to Bhopal in India, and set the proper tone for compensation, then you can expect BP to follow suit.

AstroChuck's avatar

BP made just over 6 billion in profit during the first quarter of 2010 alone. Unfortunately there is no way BP will be filing for bankrupcy.

perspicacious's avatar

It would be an option for the American arm. I am assuming there is an American subsidiary of BP.

CMaz's avatar

What BP is spending on stopping the oil spill is lunch money.

Just seems like a lot of money to us “little” people.

arpinum's avatar

Seeing as how they still have a 100 billion market cap, the market doesn’t seem to be pricing a high chance of bankruptcy.

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