A group of Electronic Arts bondholders notified the company of an alleged $1.4 billion default, arguing they are owed a 101-cent premium after the August buyout. EA attempted to avoid the payment by defeasing the bonds with Treasuries and seeking a rating from Egan-Jones. The bondholders have hired Akin Gump and Houlihan Lokey and signed a cooperation agreement.

One free account opens every story complete, the live board, the 30-day calendar, a watchlist and breaking alerts on your phone. No card. The wire stays free to read.