Gulf Keystone announces noteholder support for restructuring agreement

By Caroline Salls

Pittsburgh, Aug. 2 – Gulf Keystone Petroleum Ltd. said holders of roughly 82% of the principal amount of its guaranteed notes and 82% of the principal amount of its convertible bonds have signed its restructuring agreement.

Under the agreement, the signatories will forbear from taking any action to enforce the terms of the guaranteed notes and convertible bonds and vote in favor of Gulf Keystone’s scheme at a creditor meeting.

The deadline for convertible bondholders to consent to the agreement in order to be eligible to participate in an alternative restructuring was the close of business on Monday.

Gulf Keystone is a Bermuda-based oil and gas company operating in the Kurdistan region of Iraq.

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