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.
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