Investors looking to buy Clear Channel Communications will get the financing they need after reaching a settlement with their bankers today to avoid a trial, according to CNBC.

A trial was set to begin in New York this afternoon in a dispute between a group of banks and private equity buyout firms Bain Capital LLC and Thomas H. Lee partners over allegations that a group of banks improperly tried to forgo funding a deal $19.4 billion deal for Clear Channel. The initial deal had been from $39.20 per share.

The banks, which include Citigroup, Morgan Stanley, Credit Suisse, Royal Bank of Scotland Group, Deutsche Bank, and Wachovia have agreed to fund the purchase for $36 a share, people familiar with the settlement told CNBC. The deal should be announced this afternoon.

Yesterday, Clear Channel confirmed that court proceedings in San Antonio in a separate but related case were put on hold to allow the parties to continue settlement discussions that were recently initiated.

The buyout firms were pursuing a breach-of-contract claim in New York and improper interference by the banks in the Texas case. The firms and Clear Channel were seeking $26 billion in damages.

According to the lawsuit, the banks and firms were not able to reach a deal for funding previously because the credit-market crisis has made it more difficult for banks to create securities from the debt they would have taken up.

Wachovia Investment Citigroup