Banks Can't Drag Clear Channel To N.Y. Court: Judge

Law360 (April 28, 2008, 12:00 AM EDT) -- A judge ruled Friday that a consortium of banks cannot bring Clear Channel Communications Inc. into a dispute in New York state court over whether the banks breached a commitment to finance the planned buyout of Clear Channel by private equity firms.

Under the buyout, agreed upon in May, a group of private equity firms, led by Bain Capital LLC and Thomas H. Lee Partners LP, would acquire Clear Channel for $19.4 billion and take on $7.8 billion of its debt.

On March 26, the private...
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