Bain, THL Face Suit Over $656M Clear Channel Transfer

Law360, New York (March 8, 2012, 8:01 PM EST) -- A lawsuit filed Thursday accuses Clear Channel Communications Inc.'s private equity owners Bain Capital Partners and Thomas H. Lee Partners of bullying a subsidiary of the media giant into loaning its ailing parent more than $656 million at a sweetheart rate to the detriment of public shareholders.

A Florida firefighters pension fund, a minority investor in publicly traded billboard advertising company Clear Channel Outdoors Holdings Inc., filed the suit in Delaware Chancery Court, saying the company has been forced to loan Clear Channel Communications money on...
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