Business
Update on Stakeholder Discussions
Update on Stakeholder Discussions.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 0564D Gulf Keystone Petroleum Ltd. 01 July 2016 \n\n \nNot for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.\n \n \n \n \n1 July 2016\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nUpdate on Discussions with the Ad Hoc Committee of Holders of Notes and Bonds\n\nUS$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the \"Notes\") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the \"Bonds\")\n \nFurther to the Company's RNS of 14 June 2016, Gulf Keystone announces today that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended. \nThe Company is currently discussing the terms of an agreement with certain restricted members of the Ad Hoc Committee and other stakeholders. These restructuring discussions remain ongoing notwithstanding the expiration of the Standstill Agreement.\nAt this stage, the Company does not intend to make the April 2016 Coupon Payments. The holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, outstanding, may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable. Whilst these coupons remain unpaid, and absent a new Standstill Agreement executed by 75% of the principal amount of each of the Notes and the Bonds, an Event of Default will subsist under both the Notes and the Bonds. \nA further announcement will be made in due course. \n \nEnquiries:\n \...