Distressed debt funds will become big shareholders in troubled oil firm gulf keystone after bondholders agreed to swap US$500m of debt for equity, wiping out some of the world's top funds as shareholders. Gulf Keystone operates the Shaikan oil field in Iraqi Kurdistan and produces about 40,000 barrels per day (bpd). The firm has been fighting to avoid insolvency after low oil prices and overdue oil export payments from the Kurdistan regional government crippled its balance sheet.
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