25 February 2008

Credit Crunch May Kill Private Sale of Clear Channel's TV Unit

Wachovia is suing their own client, Providence Equity Partners, to get out of funding the buyout.

The buyout deal has been restructured, and Wachovia is now saying that it is no longer required to provide the capital.

This is because the credit crunch has made reselling this debt much more difficult, and hence more uncertain.


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