Gulf Keystone noteholders vote in favor of restructuring scheme

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – Gulf Keystone Petroleum Ltd. said holders of its $250 million of 13% guaranteed notes and its $325 million of 6.25% convertible bonds, both due 2017, approved a scheme of arrangement in connection with its balance sheet restructuring.

At Thursday’s scheme meetings, holders of $248 million, or about 99%, of the guaranteed notes were represented and voted unanimously in support of the arrangement, and 118 holders of about $318.4 million, or 98%, of the convertibles were represented, with only one holder of $200,000 of bonds voting against the scheme, according to a company notice.

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

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