NEW YORK (AP) -- Shares of Clear Channel Communications Inc. are surging 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.The Wall Street Journal is reported that a deal has been reached to finance the Clear Channel deal at $36 per share, down from a previous price of $39.20 per share.
In a statement issued Monday afternoon, Clear Channel confirmed that the court proceedings in Texas have been postponed until Tuesday for settlement talks. The company said it will not comment on any potential terms or the likelihood of a deal.
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, the company and the equity firms filed lawsuits in Texas and New York to force the banks to fund the agreement.
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