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Six Banks Sued In Clear Channel Deal
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. But it was misdirected and not meant for their eyes.
Attached to the message were confidential documents from the six banks that had agreed to finance that $19.5 billion takeover. What the prospective buyers, Bain Capital and THL Partners, found most startling was that 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.
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New York Times | MICHAEL J. de la MERCED and ANDREW ROSS SORKIN | March 27, 2008 12:56 AM