BP (BP) Attempts to Entice Bankers To Help With Money Raise

According to a report from FOX Business Network's Charles Gasparino, BP PLC (NYSE: BP) is offering several large financial firms lucrative advisory roles in return for helping the troubled oil company raise money to pay for the Gulf of Mexico clean-up.

Gasparino is reporting that the London-based oil company has already hired Goldman Sachs Group Inc. (NYSE: GS), Credit Suisse and Blackstone as advisers. BP may also bring on Morgan Stanley (NYSE: MS), HSBC, UBS (NYSE: UBS) and the Asian bank standard Charter.

Citing people at the firms, Gasparino noted that BP is asking that the banks guarantee that they lend money to the company.

Securities regulations in the U.S. prohibit underwriters from "tying" of various assignments, but BP would be allowed to demand a line of credit from a firm in exchange for being hired on other assignments.

BP must come up with access to funds, as they have agreed to the demands of the U.S. government to set aside $20 billion to cover the liabilities from the oil spill. Credit Suisse has estimated that the oil spill will cost the company nearly $40 billion, which has raised the concerns that BP will need to file for bankruptcy protection.

Gasparino said that the banks have not officially agreed to terms with BP as of yet.

Earlier reports suggested the company will raise $5-$10 billion in debt.

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