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Clear Channel Buyers Sue to Force Funding

Stock quotes in this article: CCU , C , RBS , WB , CS , DB , MS  

Updated from 5:42 p.m. EST

The fight to take Clear Channel (CCU Quote) private has gotten uglier.

Private-equity firms Bain Capital and Thomas H. Lee Partners on Wednesday filed breach-of-contract suits against the banks involved in the financing for the $19 billion privatization of the media giant. The firms claim the banks have made changes to their initial contract that tighten credit restrictions and could eventually cause Clear Channel to go into default.

Clear Channel has also jumped into the fray, joining the firms as a plaintiff in one of the suits. ...

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