UK 00:42 Tuesday, 6 October 2026
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Without explicitly using the words "we are 100% fucked and shareholders face either total or near wipeout" drowning in debt Gulf Keystone (GKP) has today pretty much fessed up to what a mess it is in. Not for the first time, the company is telling shareholders that the game is up. Natch they think they know better. They obviously don't remember the last days of Afren.
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Comments
BLUEFREW
Presumably “The signatories represent a significant proportion” in the RNS means >50%. We also know the signatories to the standstill agreement are <75%. If I were a shareholder (thankfully not, I’m short here) I’d be shitting bricks.
From next week there are more than enough bond and note holders outside the signatories to force administration. I also expect that not to occur. Most will want to wait to see what kind of deal can be hammered out by the ad-hoc committee. However if the deal is not attractive to the bond and/or note holders (and therefore disastrous for existing shareholders) then administration it is.
It’s inexplicable that the bid price here is still 4.85p. Shareholders should be grabbing that with both hands, thanking their lucky stars and heading to their nearest retailer to purchase a potato based snack.
Denarii
http://www.quotenet.com/bond/Gulf_Keystone_PetroleumDL-Conv_Bonds_201217-Bond-2017-XS0841237497
bonds trading at 25c… dont tell the equity holders…
nathan
This site bans anybody that tells the truth, and they call this a free speech site. Lol