Not So Fast: Clear Channel Trial Delayed

Update: CNBC and others reporting a settlement has been reached, with the banks funding the buyout at $36 per share (agreement was for $39.20 per share).

Could a deal finally be in the works between Clear Channel and its reluctant lenders?

That’s the market read this morning on news that related legal proceedings have been delayed in both New York and Texas. The New York case was scheduled to begin this morning at 9:30am, with courthouse staffers working late last week to set up television monitors and laptop docking stations. But then Judge Helen Freedman took the bench and told the packed gallery that everything is being pushed off until 10:45am tomorrow. No explanation was provided.

A hearing in Texas was also delayed until tomorrow (Clear Channel is an actual party to the Texas case, but not to the New York one).

It’s that “coincidence” that seems to have brightened CCU shareholders, as the stock is trading up nearly 3% so far today.