Clear Channel buyers sue banks: source
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Wed, 26 Mar 2008 21:37:07 GMT |
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NEW YORK (Reuters) - The $20 billion leveraged buyout of U.S. radio operator Clear Channel Communications Inc. on Wednesday descended into litigation as the private equity buyers sued the banks who had agreed to finance the deal to force them to complete the transaction, a source familiar with the situation said.Clear Channel also is joining the buyers in a complaint filed in Texas against the banks, to force completion of deal, the source said.Clear Channel struck the deal last year to be bought by private equity firms Thomas H. Lee Partners and Bain Capital Partners LLC for $39.20 a share. A source familiar with the situation on Tuesday said the deal was in jeopardy, with banks increasingly reluctant to provide financing.(Reporting by Megan Davies; editing by Carol Bishopric)
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