Chesapeake loses bid for injunction in bond dispute
By Bloomberg News
Published: Friday, March 15, 2013, 12:01 a.m.
Updated: Friday, March 15, 2013
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.
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