SAN ANTONIO (AP) - Court proceedings in New York and Texas were
delayed while Clear Channel Communications, its buyers and banks
try to settle the feud over whether the banks must fund promised
loans for the $19.5 billion deal.
Clear Channel and its private equity buyers, Bain Capital and
Thomas H. Lee Partners, sued a consortium of six banks, accusing
them of trying to undermine the deal by changing the terms.
That lawsuit is pending in a Texas court, while the equity firms
have a separate suit pending against the banks in New York court.
Pre-trial hearings in San Antonio and the trial in New York were
San Antonio-based Clear Channel confirmed the postponement was
designed to allow the parties to continue settlement talks.
(Copyright 2008 by The Associated Press. All Rights Reserved.)