Reuters – Clear Channel Agrees to Settle Shareholder Lawsuit

Clear Channel Outdoor Holdings Inc. agreed to settle a shareholder lawsuit seeking to rescind an allegedly improper loan that the billboard advertising company made to its ailing parent Clear Channel Communications Inc. The loan "so significantly" depleted Clear Channel Outdoor's cash reserves that the company was forced to borrow $2 billion to fund a special dividend, according to the lawsuit filed in Delaware's Chancery Court in March last year. Clear Channel Communications Inc and its owners, private equity firms Bain Capital and Thomas H Lee Partners, were also named as defendants.

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