Shareholders Settle Suit Over $656M Clear Channel Loan

Law360, Wilmington (April 3, 2013, 8:38 PM EDT) -- Clear Channel Outdoor Holdings Inc.'s board announced Wednesday it had reached a settlement with minority shareholders over a derivative suit alleging the private equity owners of parent Clear Channel Communications Inc. forced the subsidiary to provide the media giant with a sweetheart $656 million loan.

Filed in Delaware Chancery Court, the suit accused the board, majority shareholder Clear Channel Communications and private equity firms Bain Capital Partners and Thomas H. Lee Partners of pressuring Clear Channel Outdoor into making an unsecured, below-market loan to its debt-laden...
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