Not paying the bondholders on time is like having a war within the company.
Until this restructures the PPS will continue to be controlled as we have seen late. won't give a .04 and takes a .07* Total control.
Seems the company has found a way to grow GKP during these rough times and the bondholders were left to holding the bag.
They still have the .03s and .02s left before it's so "F"_ed up that even genl won't want it.
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1 July 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Update on Discussions with the Ad Hoc Committee of Holders of Notes and Bonds
US$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")
Further 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.
The 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.
At 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.
A further announcement will be made in due course.
ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13404785&ishtml=1
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