Some key lenders to the private equity groups that led the $23.8bn buy-out of Clear Channel Communications plan to reject a proposed debt exchange, hoping to drive the radio and outdoor advertising company towards default and take control of its equity at a steep discount. The company, taken private in a leveraged deal at the peak of the buy-out boom, has proposed a swap of some parent company debt for debt in its listed billboard division.

This entry was posted by Gwen Robinson on Thursday, June 4th, 2009 at 5:03 and is filed under Capital markets, Private equity. Tagged with clear channel. Edit this entry.