BP Oil Spill Recovery Effort Seen Through $3 Billion Deposit
Posted on 10. Aug, 2010 by Tony Valencia in Business
In an effort to seek recovery and regain some of its losses, BP has deposited $3 billion into a spill-recovery fund.
The $3 billion is part of a $20 billion effort to stop the oil leak that is destroying the oceanic waters along the southern coast, specifically the Gulf of Mexico.
The BP oil spill is said to be the worst oil spill in history, next to the Exxon Valdez leak in the late twentieth century.
With the recently announced departure of BP CEO Tony Hayward, the early deposit of $3 billion is an effort by the company to show its dedication to the recovery. The deposit wasn’t supposed to be made until September 30, and the company plans on putting $2 billion more into the deposit fund during the fourth quarter.
U.S. District Judge John Martin and Kent Syverud will be in charge of managing the fund. In addition, Citigroup has been assigned as the representing corporate trustee.
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