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.

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. Energy sector adjusts to global oil plummet
  2. 8 Western Pennsylvania hospitals penalized over infections
  3. ‘Staff Pick’ is golden ticket on Kickstarter
  4. Kim Komando: Can you get a virus on your smartphone?
  5. Real estate union: Howard Hanna buys Langholz Wilson Ellis
  6. Natural gas groups says increase in Pennsylvania taxes would bring dire results for economy
  7. Consumer prices drop aside gas cost plunge
  8. Makers of wine corks have lost ground to screw tops
  9. Nonprofit hospitals in Western Pa. feel pain in finances despite Affordable Care Act
  10. Mind the time: Optimize last-minute shopping
  11. Western Pa. utility workers OK contract with FirstEnergy
Subscribe today! Click here for our subscription offers.