TribLIVE

| Business


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

Chesapeake loses bid for injunction in bond dispute

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Cranberry-based Prodigo Solutions: Hospitals can reduce high supply costs
  2. Consumer spending climbs as job gains boost incomes
  3. NHTSA probes sudden acceleration complaints in Toyota Corollas
  4. With acquisition, PNC set to enter IPO market
  5. Another card system hack at Supervalu, Albertsons
  6. Stocks decline on overseas political troubles
  7. State cites Patriot Coal in W.Va. mine accident
  8. Right apps enable printing from phone or tablet
  9. Jobless baby boomers struggle to get back in game
  10. Hospitals turn to technology to tear down language barriers with patients
Subscribe today! Click here for our subscription offers.