- Reuters•3 days ago
Gulf Keystone's stock spiked and fell by a third on Tuesday as retail investors flooded chatrooms trying to figure out how junk bond funds led by former JP Morgan and Lehman Brothers traders will help restructure the oil firm. Last week Gulf Keystone, crippled by low oil prices and non-payments from Iraqi Kurdistan, announced its bondholders had agreed to swap $500 million of debt for equity, all but wiping out some of the world's top funds as shareholders. GLG Partners, part of hedge fund Man Group, and investment fund Taconic Capital are also likely to become large equity owners: debt-holders are set to get 85.5 percent of Gulf Keystone, while existing shareholders would hold just 4.5 percent unless they buy new shares in the $25 million open offer for 10 percent of the expanded equity.
- Oilprice.com•9 days ago
Gulf Keystone Petroleum has announced the appointment of a new chairman as the company begins a restructuring process to address debt load and up production
Gulf Keystone Petroleum LimitedLSE
|Bid||3.50 x 2025000|
|Ask||8.00 x 7667300|
|52wk Range||2.36 - 37.39|
|Day's Range||4.55 - 5.00|
|Avg Vol (3m)||11,852,332|
As of 12:13 PM EDT. Market closed.