Adam Cohen News
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Last week’s court ruling against a group of Chesapeake Energy Corp. bondholders exposes another risk for investors seeking gains in a market where securities valuations are already at record highs.
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OGX Petroleo & Gas Participacoes SA, which has the worst-performing bonds in emerging markets this year, holds off-balance-sheet obligations tied to its sister- company that could swell liabilities by as much as 39 percent in the event of insolvency, according to Covenant Review.
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The hundreds of pages of tedious documents that govern every corporate bond sold are suddenly a hot commodity as traders look for an edge with the biggest bull market ever in junk debt slowing.
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Suntech Power Holdings Corp., the Chinese solar-panel maker that announced a forbearance agreement March 11 for $541 million in convertible debt, may be required to pay bondholders who haven’t agreed to the deal.
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In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black , head of private equity giant Apollo Global Management LLC .
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Using erythropoietin, or EPO, to improve results in elite cycling races such as the Tour de France is pointless, according to a Dutch study that looks at existing research.
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China won’t rescue Suntech Power Holdings Co. from its creditors because the former biggest solar-panel maker needs to retrench along with the rest of the industry, two advisers to government agencies said.
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Chesapeake Energy Corp. sued trustee Bank of New York Mellon Corp. in Manhattan federal court seeking to redeem more than $1.3 billion in notes early and avoid new interest, according to a court filing.
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Chesapeake Energy Corp., the second- biggest U.S. natural-gas producer, completed an unprecedented bond offering Feb. 13 that could limit returns in the event of an asset sale, according to bond analysts from Wells Fargo & Co. and Covenant Review.
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The trustee administering $541 million in bonds from Suntech Power Holdings Co. Ltd. sent the solar company a notice of default yesterday as the deadline to redeem the notes passed, a person familiar with the matter said.
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