Entrance to Clear Channel Communications headquarters.
Two prolific borrowers — the private equity firms Bain Capital and Thomas E. Lee Partners — have sued six of the biggest banks — Citigroup, Credit Suisse, Deutsche Bank, Morgan Stanley, Royal Bank of Scotland, and Wachovia — for refusing to carry through on financing a buy out of radio-and-billboard behemoth Clear Channel Communications for $19.5 billion. Bain and Lee allege that the banks committed to lend. Stories here and here.
Apparently the dispute required at least two lawsuits — one in Clear Channel’s home town of San Antonio, Texas, and the other in New York City. Both in state court.
Stay tuned.
