14th Jun 2016 07:04
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd on Tuesday said the standstill agreement in place with the majority of its note and bondholders has been extended to July 1.
The standstill had previously been extended to June 13 as the group continues to work to resolve its financial issues.
Gulf Keystone reached an agreement in late April with the Ad Hoc Committee, which is comprised of a portion of the holders of the company's loan notes and bonds, to delay coupon payments whilst the company tries to address the urgent need to raise funds.
Gulf Keystone delayed over USD26.0 million of coupon payments that had been due on April 18 using a grace period before signing a formal extension with the committee that gave it until the end of May to make the payment. That was then extended to June 13 and has now been pushed to July 1.
Shares in Gulf Keystone were up 2.2% to 4.14 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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