Sat, Jul 11th, 2009
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PHILADELPHIA – Shares of commercial lender CIT Group Inc. plunged Friday as uncertainty mounts over whether it can get federal backing for its bonds.
The New York-based financier to small and mid-sized businesses faces a liquidity crisis absent help from the government, according to analysts.
CIT is still awaiting word on whether it will receive funds from the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program, which lets cash-squeezed companies issue government-backed bonds to raise capital at a lower cost. As of June 8, the program has backed $335.4 billion of debt.
Related stories from top sites:
CIT Still Fighting to Stay out of Chapter 11
Jul 10th, 2009 - ABC News
CIT Group Inc. is continuing talks with potential lenders to secure billions in much-needed financing and stay out of bankruptcy court after the federal government declined to extend emergency aid to the troubled commercial lender.
CIT aid package outline emerging: report
Jul 10th, 2009 - Reuters
NEW YORK/WASHINGTON (Reuters) - CIT Group Inc (CIT.N) and government officials remained locked in talks on Tuesday as the lender to thousands of small businesses pushed for government aid in its fight to survive. By late on Tuesday...
CREDIT MARKETS: CIT Scrambles; Investors Await 2Q Earnings
Jul 10th, 2009 - Wall Street Journal
NEW YORK (Dow Jones)--CIT Group Inc. (CIT) bonds plunged Monday as the a lender to nearly a million mostly small and midsize businesses and companies prepares for a possible bankruptcy filing.
CIT working on survival plan: report
Jul 10th, 2009 - Reuters
(Reuters) - CIT Group Inc, a commercial U.S. lender struggling to finance its business, said late on Sunday that it remains in active discussions with regulators on measures to improve its near-term liquidity position.
FDIC Said to Withhold CIT Debt Guarantees Due to Risk (Update1)
Jul 10th, 2009 - Bloomberg
July 10 (Bloomberg) -- The Federal Deposit Insurance Corp.is unwilling to guarantee CIT Group Inc.’s bond sales becausethe commercial lender’s credit quality is worsening...
Related videos from YouTube:
- CIT jumps on aid optimismShares of CIT Group rallied more than 19 percent on hopes the struggling commercial lender would get government assistance or find a way to restructure debt.
- Alan Grayson on the Worst...This hearing took place on 2/11/09, featuring eight major Wall Street bank CEOs as witnesses. Rep. Alan Grayson asked Citigroup CEO Vikram Pandit about the terms of the government assistance his firm received ...
Related stories from Digg:
CIT Group is On the Verge of Bankruptcy
Group Inc. is continuing talks with potential lenders to secure billions in much-needed financing and stay out of bankruptcy court after the federal government declined to extend emergency aid to the troubled commercial lender.(Business & Finance)
ebindelglassFri, Jul 17th, 20093 Diggs, 1 CommentsArticle - WSJ.com
NEW YORK (Dow Jones)--The survival of CIT Group Inc. (CIT) looked imperiled late Wednesday, after the lender said in a terse statement it had been "advised" that it couldn't expect government aid.(Business & Finance)
billyg53Wed, Jul 15th, 20091 Diggs, 0 Comments
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