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Gulf Keystone signs deal with bondholders to delay interest payments

Reuters - UK Focus

April 29 (Reuters) - Oil producer Gulf Keystone Petroleum has reached an agreement with most of its bondholders to make use of a grace period for April coupon payments, it said on Friday.

The company, whose main assets are located in Iraqi Kurdistan, has been grappling with low oil prices and slow payments from the Kurdistan Regional Government for its oil.

Gulf Keystone said it would enter into a standstill agreement running until May 20 once the grace period for the payments on the bonds and notes runs out on May 2 and 3, respectively.

It (Other OTC: ITGL - news) said the standstill agreement could be extended until May 31 and it did not intend to make April coupon payments while the agreement was in place.

Gulf Keystone said a significant proportion of bondholders had signed up to the agreement, but they represented less than 75 percent of the principal amount. (Reporting by Rahul B in Bengaluru; editing by David Clarke)