Clear Channel Communications along with Bain Capital and Thomas H. Lee Parnters have filed two lawsuits in Texas and New York court against six banks that had agreed to finance the company's $19.5 buyout. CC and partners charge breach of contract, accusing them to backing out of the committment to finance the deal.  CC have accused the banks of changing the terms of the deal from a six year financing package into a three year bridge bridge financing loan.  Clear Channel is a statement said the change was one that “no responsible purchaser could ever accept.”

“We are disappointed and dismayed that the lenders have chosen not to fund the transaction under the terms of the binding commitments they entered into almost a year ago,” Bain and Clear Channel said in a statement.

The banks named in the lawsuit are Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, the Royal Bank of Scotland and Wachovia.