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April 29 (Reuters) - Oil producer Gulf Keystone Petroleum has reached an agreement with most of its bondholders tomake use of a grace period for April coupon payments, it said onFriday.
The company, whose main assets are located in IraqiKurdistan, has been grappling with low oil prices and slowpayments from the Kurdistan Regional Government for its oil.
Gulf Keystone said it would enter into a standstillagreement running until May 20 once the grace period for thepayments on the bonds and notes runs out on May 2 and 3,respectively.
It said the standstill agreement could be extended until May31 and it did not intend to make April coupon payments while theagreement was in place.
Gulf Keystone said a significant proportion of bondholdershad signed up to the agreement, but they represented less than75 percent of the principal amount. (Reporting by Rahul B in Bengaluru; editing by David Clarke)
