Gulf Keystone Extends Standstill Agreement to July 1

Gulf Keystone confirmed Tuesday that the standstill agreement with the majority of its note and bondholders has been extended until July 1.

While the agreement remains in effect, the company does not intend to make the April 2016 coupon payments, which will constitute an event of default under the bonds and notes, respectively. The standstill agreement was previously extended from its previous expiration date of May 31 and then further extended from another expiration date of June 13.

The agreement was reached as the company addresses its need for near-term fundraising and the restructuring of the company's balance sheet.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japan's NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  Falcon Updates on Drilling Ops at Amun... (Sep 30)
 -  MISC's MaMPU1 to Commence Ops at Vesti... (Sep 30)
 -  Det Norske Completes Merger with BP No... (Sep 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Analyst II
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Senior Accountant / Financial Analyst Job
Expertise: Accounting|Financial Analyst
Location: Denver, CO
 
Manager- Retail Power Settlements & Accounting
Expertise: Accounting|Budget / Cost Control|Gas Plant Operations
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours