BP PLC shares slumped Wednesday, leaving its market value halved in fewer than seven weeks, whereas the oil huge’s bonds had been crushed as questions mounted over whether it should probably afford to scrub up the worst environmental catastrophe in U.S. history. Oil-trade insider Matt Simmons, head of the Texas-based, vitality-targeted funding monetary establishment Simmons & Co., informed Fortune journal Wednesday that BP will run out of money from lawsuits, cleanup costs and other bills. “They have a few month earlier than they declare Chapter eleven” chapter, Simmons acknowledged.
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