THL, Bain Nix Arbitration In Clear Channel Suits

Law360 (April 22, 2008, 12:00 AM EDT) -- Thomas H. Lee Partners LP and Bain Capital LLC have rejected an arbitration offer from a consortium of banks seeking to resolve two lawsuits brought by the private equity firms over funding the banks failed to provide for the $19 billion acquisition of Clear Channel Communications Inc.

The six banks sent a letter Tuesday morning to Clear Channel and the private equity firms, who represent the buyers' group in the stalled buyout, offering to enter into a binding arbitration to resolve lawsuits in Texas and New...
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