WASHINGTON (Politically Illustrated) Will British Petroleum go bankrupt? The company has hired financial advisors at Goldman Sachs, Blackstone Group and Credit Suisse as cost uncertainty continues with nearly two months of oil gushing into the Gulf of Mexico. Theres no truth that we have hired bankers with a defense mandate, said a BP spokesperson denying reports, saying he did not want to reveal the companys advisors who are our advisors and on what they are advising us.
The New York Times is reporting the company hired advisors to study how the firm should handle mounting liabilities.
The present system is not working, said Senator Bill Nelson (D-FL) during a hearing on the oil spill.
The information is not flowing, he said. The decisions are not timely. The resources are not produced. And as a result, you have a big mess, with no command and control.
The comments come as the Obama administration plans to address the nation on Tuesday after pressuring the firm to place money in an escrow account for liability claims.