Chesapeake loses appeal in USD 438.7-million dispute

USA

NEW YORK, September 16, 2016 – The 2nd U.S. Circuit Court of Appeals in Manhattan rejected Chesapeake Energy’s efforts to avoid a USD 438.7-million payout on Thursday.

The court let stand a July 2015 ruling on the payment, the result of a bond dispute that arose after the US player waited too long to tell its bondholders that it planned to redeem their debt six years early.

The appeal court agreed that bond holders were entitled to a special make-whole price because of the early redemption.

Previous

Shell sells Denmark refining business

Next

Nigeria to sue oil majors