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Posted AT 6:04 PM EDT on 26/03/08

Clear Channel, buyers sue lenders

MICHELLE ROBERTS

Reuters

NEW YORK — The $20-billion (U.S.) leveraged buyout of U.S. radio operator Clear Channel Communications Inc. Wednesday descended into litigation as the private equity buyers sued the banks which had agreed to finance the deal to force them to complete the transaction. Thomas H. Lee Partners and Bain Capital Partners LLC said in a statement they filed complaints in New York and Texas against Citigroup Inc.

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