Clear Channel bank group says lawsuits without merit
NEW YORK (Reuters) - The six banks which agreed to finance the $20 billion Clear Channel Communications buyout said on Wednesday lawsuits filed against them by the company and the private equity buyers were without merit and would be contested vigorously.
The bank group presented the private equity buyers THL Partners and Bain with credit agreements "fully consistent and compliant with the commitment letter," a spokeswoman for Citigroup (C.N: Quote, Profile, Research) said in an email. "The bank group has been and remains prepared to honor the obligations as set forth in that letter."
She said in the email the statement was on behalf of the banks.
(Reporting by Megan Davies; editing by Carol Bishopric)
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