This is a pretty tough one to call. Will the assets be liquidated or will the debt somehow be reorganized in a way that preserves value? If its liquidated das es nicht gut.
But at a high level I tend to think that Bain and TH Lee are going to be very reluctant to give up control, and will probably wait until the last possible moment to do so. Some people think that Clear Channel still might have 16 months of cash left.