Clear Channel Buyers to Banks: No Financing? That's a Lawsuit!

The multi-billion dollar deal to take Clear Channel Communications private has turned into a potentially expensive melee of finger pointing and litigation.

Bain Capital and THL Partners, the prospective buyers, filed suit Wednesday against six banks claiming breach of contract. The buyers are claiming they received an email message - not meant for their eyes - tipping them off to the banks intentions.

According to The New York Times, "The buyers of Clear Channel Communications received a curious e-mail message last July from Credit Suisse, one of the banks financing the radio broadcaster’s sale...[in which]...the banks were discussing how they planned to renege on terms of the lending agreements, just two months after they had reaffirmed their commitment to financing the deal."

Selected Clear Channel Stories from the Archive:
* The Clear Channel Banned Songs List
* Clear Channel Expands Internet Radio Strategy
* Clear Channel Radio Creates 75 New Radio Channels - Then Gives Them Away