Banks Ordered Not To Block Clear Channel Merger

Law360, New York (March 27, 2008, 12:00 AM EDT) -- A Texas judge granted a temporary restraining order to Clear Channel Communications Inc. on Wednesday, forcing a group of banks to proceed with the $19.4 billion buyout funding after the banks allegedly tried to kill the deal.

Judge John D. Gabriel of the Bexar County (Texas) District Court, 225th Judicial District, issued the order after Clear Channel and its prospective purchaser, CC Media Holdings, Inc., alleged that the banks were illegally refusing to proceed with the buyout, one of the largest in history.

“Harm is imminent...
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