BP has returned to banks seeking additional short-term loans to help tackle its growing liabilities following the Gulf of Mexico oil spill.
The new round of financing would augment the $20bn of cash and credit the company managed to raise by the end of last week. BP could raise about $5bn, the Financial Times reports.
However, the company is having to pay more in margins and fees, people close to the transactions said, noting that the balance of power had shifted to the lenders. Banks have grown more concerned in the past three weeks over the potential size of BP's liabilities.
Three years at Wells Fargo
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