BP on Thursday dismissed talk that it might seek Chapter 11 bankruptcy protection

BP on Thursday dismissed talk that it might seek Chapter 11 bankruptcy protection in the face of falling stock prices and threats from government officials to force the oil giant to pay more in costs related to the massive Gulf of Mexico oil spill.
“We categorically deny that we have taken advice on Chapter 11 proceedings,” a company spokesman told the Chronicle. Earlier Thursday, the company told investors it has “significant capacity and flexibility in dealing with the cost of responding to the incident, the environmental remediation and the payment of legitimate claims.”
Some members of Congress and others say BP should be blocked from paying out its quarterly dividend to shareholders later this month — which would total about $2.6 billion.