BP is expected to file for bankruptcy protection as a result of the deadly 2010 oil spill in the Gulf of Mexico, according to Reuters.
The oil giant has been fighting to save its businesses and has faced mounting criticism over the damage caused by the accident.
The U.S. State Department has called the spill “the worst oil spill since the Exxon Valdez”, while British Prime Minister David Cameron said the disaster will affect the UK and Europe.
Reuters reports the company is preparing to file a $6.6 billion bond offering.
The Irish Financial Times reports the U.K. Financial Times reported last month that BP was considering taking a 10% stake in Ireland’s oil and gas sector.
Irish officials have also expressed concerns about BP’s plans to invest $200 million to buy out its majority stake in Anglo Irish Oil.
The company is also looking at possible buyouts of other Irish energy companies.
BP’s bankruptcy filing has been delayed twice already, but the U-K.
Business Leader newspaper says the company’s plans have not been officially confirmed by its legal counsel.
The latest setback for BP is the delay in filing its own application for Chapter 11 bankruptcy protection in the U., where it has an ownership stake of more than 80%. “
The Irish Government’s financial watchdog is expected in the next 24 hours to decide whether the company can go ahead with its bankruptcy plan.
Financial Services Authority (FSA) has ruled against the company on the grounds of lack of due diligence, the Financial Times said. “
Financial Services Authority (FSA) has ruled against the company on the grounds of lack of due diligence, the Financial Times said.
BP said it has “been working closely with the Irish Government to resolve this matter” but declined to comment further.