BP Plc (BP)

[fredman]

BP (NYSE:BP) Bankruptcy Fears Heighten As Market Value Drops Below $100 Billion

Share price of BP (NYSE:BP) continue to plunge, increasing concerns they may end up having to declare bankruptcy to survive the financial and reputation devastation coming from the oil spill in the Gulf of Mexico.

Other worries from shareholders, which include many pensions and institutional investors which had counted on the success of BP for their own financial success in the years ahead, included cuts in the dividend, and continual loss of value in their holdings in the company.

Since April 20th, the giant oil company has lost 47 percent of its value, seriously affecting shareholders of many stripes.

Those watching the situation say liability could reach as high as $40 billion before it's all over for BP, although that even could be a low estimate based on many unknown factors at this time.

If it becomes too much, there will be a lot of losers if BP ends up having to declare bankruptcy.

source: http://commoditysurge.blogspot.com/2010/06/bp-nysebp-bankruptcy-fears-heighten-as.html