Chesapeake Defends $1.3B Bond Buyback Plan In BNY Trial

Law360, New York (April 23, 2013, 7:30 PM EDT) -- Chesapeake Energy Corp. has the contractual authority to call back and refinance $1.3 billion in debt despite objections from Bank of New York Mellon that it moved too late, a lawyer for the oil-and-gas company told a federal judge Tuesday.

Chesapeake is allowed to buy back bonds it issued in February 2012 without paying a penalty because it provided notice by a March 15 deadline, Stephen L. Ascher of Jenner & Block LLP told U.S. District Judge Paul Engelmayer in Manhattan federal court.

The judge on...
To view the full article, register now.