Clear Channel Settles Shareholder Suits
July 10, 2013 at 3:55 AM (PT)
CLEAR CHANNEL has informed the SEC that, pending court approval, it has settled two shareholder suits filed against CLEAR CHANNEL OUTDOOR HOLDINGS, INC. in 2012.
The 8-K filing saus that the two suits filed in DELAWARE Chancery Court alleging that parent CLEAR CHANNEL COMMUNICATIONS breached its fiduciary duties to CLEAR CHANNEL OUTDOOR and its stockholders in 2009 by allegedly requiring the latter to agree to amend the terms of a 2005 Revolving Promissory Note to extend its maturity date of the Note and amend the interest rate to below market.
The suits were settled on MARCH 28th "to avoid the costs, disruption and distraction of further litigation, and without admitting the validity of any allegations made in the complaint," with the stipulation signed on MONDAY (7/8) and a hearing scheduled in court on SEPTEMBER 9th.