London-listed upstream independent Gulf Keystone Petroleum will restructure its balance sheet. It says the move is the only way it can avoid liquidation and will enable it to implement a plan to sustain and then raise production at the 30,000 b/d Shaikan field in the semi-autonomous Kurdish region of northern Iraq. Gulf Keystone proposes converting over $500mn of existing debt into equity, and raising $20mn-25mn through an open offer, potentially diluting shareholders’ ownership of the company to 14.5pc.
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