Top iPad Music Apps (a/o May 23rd):
(
A once-rosy leveraged buyout of Clear Channel Communications is now collapsing into a legal morass. Boston-based private equity firms Thomas H. Lee Partners and Bain Capital both filed suit Wednesday against six lending banks to secure promised funding. "We are disappointed and dismayed that the lenders have chosen not to fund the transaction under the terms of the binding commitments they entered into almost a year ago," the equity groups jointly declared.
Additionally, Clear Channel itself has filed a separate lawsuit based on similar accusations of reneged agreements. The defendant banks are Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Royal Bank of Scotland, and Wachovia, all of whom are stepping away from the buyout on credit fears.
Comments Closed
OUR SPONSORS
© 2011 All Rights Reserved
Follow Us