Clear Channel, Buyers Sue Banks to Force Buyout’s Completion

The New York Times (excerpt) ^ | March 26, 2008

[HAL9000]

Excerpt -

The two proposed buyers of Clear Channel Communications filed two lawsuits on Wednesday against six banks that agreed to finance the company’s $19.5 billion buyout.

Bain Capital and Thomas H. Lee Partners, two private equity firms, sued the bank consortium in New York state court for breach of contract, accusing them of refusing to honor their commitment to finance the deal. Additionally, the two firms and Clear Channel itself sued the banks in Bexar County, Texas, where the broadcaster is based, accusing the banks of interfering with the closing of the takeover.

~ snip ~

[Alright_on_the_LeftCoast]

GOOD!!!! Force these damn banks to get back to banking. Their hoarding of cash is criminal. They are charging consumers up to 30% on credit card balances, borrowing from the FED or dumping their bad paper on the taxpayers, but REFUSE to give loans, even on preagreed deals....I hope Clear Channel cleans their clock...