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Friday Aug 8 2008
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Clear Channel deal in tatters
The $19bn buy-out of Clear Channel collapsed Wednesday as the US media group and private equity firms, Bain Capital and Thomas H Lee, filed suits accusing their banks of reneging on financing commitments and calling on them to provide $22bn in funding. The banks, led by Citigroup, insist they complied with terms set out in a commitment letter. Lex says it would be understandable if both the buy-out firms and banks wanted out but tactically, at least, it makes sense for all sides to ratchet up the pressure. Separately, the FT examines the implications of the Clear Channel row for the “once symbiotic” relationship between banks and buy-out firms in the era of easy credit.
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This deal would have been the biggest of the year (I would imagine).
May have given PE firms - and everyone else - a glimmer of hope that there is light at the end of the tunnel.