Clear Channel says wins ruling on buyout
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Thu, 27 Mar 2008 07:41:01 GMT |
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Reuters |
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US (Business) |
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NEW YORK (Reuters) - Clear Channel Communications Inc on Thursday said it had won a ruling from a Texas state court judge that may advance its efforts to force banks to provide financing necessary to complete a $20 billion buyout of the radio operator.The private equity firms Bain Capital Partners LLC and Thomas H Lee Partners LP filed lawsuits in New York and Texas on Wednesday against Citigroup Inc , Credit Suisse Group , Deutsche Bank AG , Morgan Stanley , Royal Bank of Scotland Group Plc and Wachovia Corp . Clear Channel joined in the Texas lawsuit.The banks were to provide more than $22 billion of financing for the transaction, but balked after capital markets deteriorated and asked that the terms be changed, according to court papers.In a statement, Clear Channel said Judge John Gabriel of the Bexar County, Texas district court on Wednesday night found it would suffer irreparable harm if the banks refused to fund the merger. The company did not in the statement comment on the New York lawsuit. It did not answer a call seeking comment.(Reporting by Jonathan Stempel; Editing by David Holmes)
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