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2009-01-05 16:02

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2009-01-06 07:31

Clear Channel says wins ruling on $20 billion buyout

NEW YORK (Reuters) - Clear Channel Communications Inc (CCU.N: Quote, Profile, Research) said on Thursday it had won a ruling from a Texas judge that may advance its efforts to force banks to finance a $20 billion buyout of the U.S. radio operator.

Six banks led by Citigroup Inc (C.N: Quote, Profile, Research) were to provide more than $22 billion of financing for the buyout by Bain Capital Partners LLC and Thomas H Lee Partners LP.

But the private equity firms filed lawsuits in New York and Texas on Wednesday, accusing the banks of backing out of their commitments after capital markets deteriorated. Clear Channel joined in the Texas lawsuit.

http://www.reuters.com/article/ousiv/idUSN2634354520080327

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