TribLIVE

| Business


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

Chesapeake loses bid for injunction in bond dispute

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.

Daily Photo Galleries

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. Tourists rush to visit Cuba before American influence felt
  2. Increased credit card use reflects confidence, flat wages
  3. If you get this letter from the IRS, it’s legitimate
  4. Home appraisal is below sales price — now what?
  5. Komando: Boost cellphone signal when nixing landline
  6. Farmers fund research on gluten-free wheat
  7. Series of recalls could hurt Giant Eagle’s reputation
  8. Heinz merging with Kraft in mega-deal; headquarters to stay in Pittsburgh
  9. Pa. Gas & Electric agrees to $6.8 million settlement of polar vortex claims
  10. Energy Department OKs loan of $259M to Alcoa to promote clean energy
  11. Corporate missteps hurt reputations, profits, sometimes in long run