This would be so much better a message board if we could just post facts and left out the emotional and stupid posts out.
BP BK is likely because they are about to cave under the liabilities they are under. Either self imposed or those placed on them by legislation. There will come a point, there will be NO point in throwing good money after bad money. The image is tarnished. Their retail operations, the name BP once worth Billions now worth NOTHING. Rather than hang around and spend their last Pound here in US, BP will do the smart thing FOR THE COMPANY and cut their losses and bail.
One way to bail out on obligations is to seek protection from creditors.It doesn't mean they are going out of business. It means they are re-organizing and re-grouping.
That is what GM did.. They had to tell the creditors, vendors, pensions, and the shareholders.."Sorry. You are screwed". No one really thought they were going away.. And they didn't. They just stiffed a bunch of people to survive, live to fight another day.. That is what BP will do.
I doubt bp will file c11. Their profit last quarter was 6 billion. That's 24 billion a year. If they suspend the div. how many more billion is that? They should be able to hang for a little while longer.