I believe a BP America bankruptcy filing is a near certainty. The questions are:
1) When?
2) Will they file a 7 or an 11? I know on first glance the 7 looks ridiculous but think about how much less time and effort is involved with proclaiming right up front this entire pool of assets belongs to the claimants. I think the 7 is the right move although I'm sure most will disagree.
3) How will the parent company's debt and equity react?
1) When?
2) Will they file a 7 or an 11? I know on first glance the 7 looks ridiculous but think about how much less time and effort is involved with proclaiming right up front this entire pool of assets belongs to the claimants. I think the 7 is the right move although I'm sure most will disagree.
3) How will the parent company's debt and equity react?