Baghdad operations end “emergency” re-open the entrances and exits of the capital

Baghdad Operations Command on Sunday, ended the state of emergency, imposed after yesterday, because of the demonstrators storming the Green Zone, reopened entrances and exits of the capital. A security source said, for “tomorrow’s Press,” that “the Baghdad Operations Command, … Continue reading

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Wyndham Hotel Group brings first branded hotels to Najaf in dual signing

Wyndham Hotel Group today announced plans for two new hotels in the Iraqi holy city of Najaf, in a deal announced with Bukhamseen Group For Real Estate, Tourism, General Trading & Contracting Company. Located just 800m from the Imam Ali … Continue reading

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CoolClownFish’s Blog – GKP seeks Relief with Bondholders

<p><em>By John Lee.</em></p>
<p>Shares in <strong>Gulf Keystone Petroleum (GKP)</strong> closed down nearly 3 percent on Friday after it reached agreement with less than 75 percent of its bondholders to delay making interest payments.</p>
<p><span style=”text-decoration: underline;”><em>The company’s full statement:</em></span></p>
<p class=”gu”><em><span class=”ge”>Further to the Company’s disclosure on 14 April 2016, Gulf Keystone confirms that constructive dialogue continues with a number of its stakeholders on the Company’s need for near-term fundraising and the restructuring of the Company’s balance sheet (“Stakeholder Discussions”). The grace periods for the 18 April 2016 coupon payments in respect of the Company’s Bonds and Notes (“April 2016 Coupon Payments”) expire on 2 May and 3 May, 2016, respectively. </span></em></p>
<p class=”gu”><em><span class=”ge”>In this context Gulf Keystone announces today that the Company has reached an agreement with the Ad Hoc Committee of holders of Notes and Bonds, that they will enter into a Standstill Agreement with the Company until 20 May 2016, extendable until 31 May 2016. The signatories represent a significant proportion (but less than 75% by principal amount) of the holders of each of the Company’s Notes and Bonds. The purpose of the Standstill Agreement is to provide the Company with an extended period to continue the Stakeholder Discussions beyond the expiry of the grace periods for the April 2016 Coupon Payments. </span></em></p>
<p class=”gu”><em><span class=”ge”>Whilst the Standstill Agreement remains in effect, the Company does not intend to make the April 2016 Coupon Payments. After the expiry of the relevant grace period on 2 May and 3 May, respectively, the continuing failure to make those payments under the Bonds and the Notes will constitute an Event of Default under the Bonds and Notes, respectively. At a time when an Event of Default subsists</span> <span class=”ge”>the holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, then 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. </span></em></p>
<p class=”gu”><em><span class=”ge”>The signatories to the Standstill Agreement will agree not to vote in favour of any resolution of the Noteholders or Bondholders to instruct the relevant Trustee to take such a step.</span></em></p>
<p class=”a”><span class=”ge”><em>A further announcement will be made in due course. </em> </span></p>
<p><em>(Source: Gulf Keystone Petroleum, Yahoo!)</em></p>

<a href=”http://www.iraq-businessnews.com/2016/04/29/gkp-seeks-relief-with-bondholders/”class=’bbc_url’ rel=’nofollow external’>Source</a>