Distress Mergers and Acquisitions

Decision Challenges Efficacy of Liability Management Strategies

, New York Law Journal


In her Distress Mergers and Acquisitions column, Corinne Ball of Jones Day discusses the recent Second Circuit decision in 'Chesapeake Energy v. Bank of New York Mellon Trust', writing: 'Chesapeake' involved a dispute between bondholders and the issuing company regarding whether a "make whole" or pre-payment premium was required when the bond issue was refinanced. While the issue was discreet, the efficacy of a resort to the court for a speedy determination is now subject to question if there is an appeal pending—even one without a stay pending appeal.

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