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March 27, 2008

Wall Street lawsuits fly over Clear Channel sale...

New York Post | Read Full Story >

In the clearest sign yet that the global credit crisis is destroying deep-pocketed relationships across the financial landscape, buyout firms Bain Capital and THL Partners sued a cadre of giant Wall Street banks yesterday to force them to finance the $27 billion takeover of radio company Clear Channel Communications.

The private equity firms threw down the gauntlet after the banks, led by Citigroup and Deutsche Bank, handed them financing terms that contained “poison provisions” designed to kill the deal, according to the complaint.


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