BP PLC said it was canceling dividend payments this year, a move investors hoped would help ease the political pressure the company has come under since its well began spilling oil into the Gulf of Mexico.
BP also said it was creating a $20 billion fund over the next 3½ years to cover compensation claims arising from the massive spill.
about a month before they declare Chapter 11. They’re going to run out of cash from lawsuits, cleanup and other expenses. One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they’ll panic and go into Chapter 11.
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