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From AllAccess.com



CC Gets Restraining Order


A TEXAS judge ordered banks to fund the proposed $19 billion buyout of
CLEAR CHANNEL COMMUNICATIONS by two private-equity firms CLEAR CHANNEL
said in a statement on early this morning (3/27), reports MARKE****CH.
District Court Judge JOHN D. GABRIEL of BEXAR COUNTY, TEXAS, granted a
temporary restraining order against the banks and CLEAR CHANNEL.

"He found in favor of CLEAR CHANNEL's claim that irreparable harm would
result if the banks were not immediately enjoined from tortiously
interfering with the merger agreement," the company said.

"Accordingly, Judge GABRIEL ordered that the banks, among other things,
must not 'interfere with or thwart consummation of the merger agreement'
by refusing to fund the merger transaction, insisting on terms that are
inconsistent with the commitment letter, or refusing to act in good
faith in the drafting of definitive loan documents," the company added.

CLEAR CHANNEL has agreed to be purchased by THOMAS H. LEE PARTNERS and
BAIN CAPITAL. But lenders including CITIGROUP, MORGAN STANLEY, DEUTSCHE
BANK, CREDIT SUISSE, ROYAL BANK OF SCOTLAND and WACHOVIA have declined
to provide the financing that they once said they would issue.

"It seems clear that lenders' remorse set in when credit markets
worsened," BAIN and THOMAS H. LEE said in a statement WEDNESDAY. "Now
they are trying to walk away from their commitment letter which clearly
states that they bear all the risk that conditions in the debt markets
might change."

CCU Up In Pre-Market: 29.50 +2.58 (9.58%)

Follow the effect of all this on CLEAR CHANNEL's stock price here.