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Clear Channel Gets Court Order Against BanksSAN ANTONIO (AP) — Clear Channel Communications, the nation’s biggest radio station operator, said Thursday that a Texas judge had issued an order barring banks from taking steps that would “interfere or thwart” the closing of the proposed $19.5 billion buyout of the company. Clear Channel sought the order in a lawsuit filed Wednesday as the banks were said to be balking at terms of their earlier commitment to finance the deal. A group of private equity firms have agreed to pay $39.20 a share for Clear Channel. Its shares price has fallen sharply on worries the deal will not be completed. In trading before the opening of the market, Clear Channel shares rose $3.58, to $30.50. “We are pleased that the banks and the purchasers will now be able to move quickly to complete the loan documents and fund the merger,” Clear Channel said in a statement. The company had hoped to complete the deal this month. Clear Channel, which is also a major billboard operator, said in a statement that a Bexar County state district judge, John D. Gabriel, issued a temporary restraining order in its favor, saying that “irreparable harm” would result if the banks backing the its buyout agreement were not immediately prevented from interfering with closing of the deal. The judge ordered that the banks must not “interfere with or thwart” the closing by refusing to finance the transaction, insisting on terms that are inconsistent with the commitment letter or refusing to act in good faith in drafting the loan documents. On Wednesday, in lawsuits filed in Texas and New York, Clear Channel and the buyers group, led by Bain Capital and Thomas H. Lee Partners, claimed the six banks that promised to finance the deal were reneging on the agreement to provide long-term financing, looking to offer little more than a short-term bridge loan. The lenders, which include Citigroup Inc. , Morgan Stanley , Credit Suisse Group , the Royal Bank of Scotland, Deutsche Bank and the Wachovia Corporation, signed commitments when the deal was reached 18 months ago saying they would bear all the risk in changes to the debt market. The Clear Channel and the group of buyers contend the banks are trying to kill the deal by putting unreasonable terms on the loan. Tag CloudExternal InformationAdditional InformationMWB appoints Bank of America to advise on hotel assets sale...Lara Croft company clears out management... World Business Briefing: Britain: Pearson Acquires an Educator... In God’s Name: Religion for Captive Audience, With Taxpayers Footing the Bill... Where Am I?News Main Page - Business - Clear Channel Gets Court Order Against Banks |
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