Clear Channel arbitration sought
From Times Wire Services
The banks involved in the $20-billion buyout of radio station operator Clear Channel Communications Inc. offered to enter binding arbitration with the private equity buyers to settle a dispute over funding.
The offer, which came two days before a court hearing in the dispute, was rejected by the equity buyers, Thomas H. Lee Partners and Bain Capital Partners.
The banks are Citigroup Inc., Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland Group, Deutsche Bank and Wachovia Corp.