March 27, 2008
Clear Channel Buyers Sue Banks
Bain Capital and THL Partners, the equity firms who contracted to buy Clear Channel Communications, filed suit against the six banks that backed out of financing the sale. The plaintiffs claim that the banks, from early on, intended to back out of the deal unless it could renegotiate the terms. NYTimes, 6 Banks Are Sued in Clear Channel Deal; WSJ, Buyout Firms Sue Lenders Over Busted Deal For Clear Channel.
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