BP, Louisiana Agree to $350 Million Early Deepwater Horizon Payment

BP and Louisiana signed a deal Friday to replace seven years of scheduled Deepwater Horizon payments with an early $350 million payment, giving the state access to the funds sooner than under the existing schedule. Louisiana had been scheduled to receive $373 million in equal, interest-free installments over the next seven years. The new payment is about $23 million less in nominal terms. The agreement also calls for resolving remaining coastal-zone lawsuits brought by Louisiana parishes against BP. Gov. Jeff Landry, Attorney General Liz Murrill and BP CEO Meg O’Neill signed the agreement.

Source: TokenPost