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Shares of Clear Channel Communications surged on media reports that a revised deal has been reached to finance the radio and media company's buyout by Thomas H. Lee Partners and Bain Capital. (Video: David Faber on the dispute between Clear Channel & the banks financing its private equity buyout)
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Eric Gay / AP Clear Channel's headquarters in San Antonio. |
But in a statement issued Monday afternoon, Clear Channel denied that the parties had come to terms.
"No settlement has been reached by the parties and there can be no assurance that any settlement will be reached," the company said. "Clear Channel will not comment on any potential settlement terms or the likelihood that a settlement agreement will be reached."
Clear Channel confirmed that the court proceedings in Texas have been postponed until Tuesday for settlement talks.
Shares of Clear Channel [CCU Loading... ()] were up more than 11 percent Monday.
Clear Channel and the buyout firms have accused six banks of failing to honor their commitments to finance the acquisition, which was first announced in November 2006.
In March, Clear Channel and private equity firms Thomas H. Lee Partners and Bain Capital sued a consortium of banks led by Citigroup [C Loading... ()], claiming the banks breached a contract to fund their buyout of Clear Channel.
Settlement talks were first reported by CNBC Monday.
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