Chesapeake Sues BNY Mellon Over $1.3B Note Redemption

Law360, New York (March 8, 2013, 8:49 PM EST) -- Chesapeake Energy Corp. sued the Bank of New York Mellon Trust Co. NA in New York federal court Friday in a bid to redeem $1.3 billion in notes based on an indenture agreement ahead of a mid-March notification deadline.

Chesapeake claims BNY Mellon had misunderstood when the March 15 deadline to notify noteholders is supposed to be and that it wrongly insists that it is already too late. If Chesapeake is not able to give notice by the deadline, it won't be able to redeem the...
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