TribLIVE

| Business

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Chesapeake loses bid for injunction in bond dispute

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Bloomberg News
Friday, March 15, 2013, 12:01 a.m.
 

Chesapeake Energy Corp. was denied a request for an emergency court ruling allowing it to start redeeming $1.3 billion in notes early without automatically incurring the risk of paying about $400 million in interest sought by Bank of New York Mellon Corp.

Chesapeake had sought a ruling saying it could issue a notice to bondholders by tomorrow informing them it will redeem notes six years before they mature. BNY Mellon, as trustee, said the company missed the deadline for such a redemption. Chesapeake told the judge before the ruling was that they didn't plan to redeem the notes if they didn't get a favorable ruling. U.S. District Judge Paul Engelmayer in Manhattan left open the possibility of a trial over the interpretation of the deadline.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Indian SUV maker Mahindra to debut electric scooter in U.S.
  2. NexTier Bank buys Oakland’s Eureka to increase coverage in Western Pennsylvania
  3. Stocks end roller-coaster day higher
  4. Robust jobs report could force Federal Reserve to raise interest rates
  5. Trib Total Media puts 9 Western Pa. newspapers up for sale
  6. Fifth Third Bank selling Pittsburgh branches to First National
  7. Sniffer lets PixController detect methane gas leaks
  8. ModCloth gets physical
  9. Pittsburgh unemployment rate steady as job market shrinks
  10. Alcoa putting $60M into Upper Burrell tech center expansion
  11. Just Mayo has egg industry in a panic, emails show