Bankruptcy Implications Of Environmental Liabilities

Law360, New York (August 2, 2010, 11:26 AM EDT) -- On April 20, 2010, an explosion on the Deepwater Horizon oil drilling rig located off the coast of Louisiana killed 11 crewmen and set off what is now considered the largest offshore oil spill in U.S. history. As a result, BP PLC, the parent company of the British Petroleum multinational corporation, faces mounting liabilities related to the damages caused by the disaster and hundreds of lawsuits that have been filed in numerous U.S. state and federal courts.

This article considers how BP may consolidate and address...
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