Overview
A bench trial starts tomorrow before Judge Engelmayer in a dispute concerning whether Chesapeake Energy can redeem over $1 billion in bonds early. The indenture trustee, Bank of New York, contends that Chesapeake’s redemption notice was too late. The central question appears to be whether Chesapeake was required to complete the redemption in a specified contractual window -- effectively requiring the process to begin beforehand -- or whether notice in the timeframe would suffice. The case pits Jenner & Block (Chesapeake) against Sidley Austin (Bank of New York). The parties’ pretrial briefs are here (Chesapeake) and here (Bank of New York
