Clear Channel deal imminent?

May 13, 2008

With a trial about to start, hedge fund Highfield Capital and Morgan Stanley decided that all parties to the troubled Clear Channel deal should come to some sort of agreement. A jury trial would not be in anyone's best interests; a lot of dirty laundry and emails just might come out. And so, a deal appears to be imminent, according to the New York Times. Talks are on-going, and the Clear Channel stock started to rally as news crept out. The Times says the price will be reduced for buyers Bain Capital and THL Partners, but the rates on the loans from six top banks likely will be higher. The fact is that the environment for an agreement on a new deal is much better than it was a year ago, when the deal fell part. The outlook for leveraged loans looks better and better.

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- here's the article