Gulf Keystone Petroleum scheme sanctioned; restructuring ‘on track’

By Caroline Salls

Pittsburgh, Sept. 30 – Gulf Keystone Petroleum Ltd.’s scheme of arrangement was sanctioned at a Sept. 29 hearing, according to a company news release.

As a result of the scheme sanctioning, the company said its restructuring “continues to progress on track.”

Gulf Keystone announced on Sept. 22 that holders of its $250 million of 13% guaranteed notes and its $325 million of 6.25% convertible bonds, both due 2017, voted in favor of the scheme.

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

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