Sat, Jul 11th, 2009
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July 11 (Bloomberg) -- CIT Group Inc. hired the law firm ofSkadden, Arps, Slate, Meagher & Flom LLP as an adviser as itprepares for a possible bankruptcy filing after failing to winaccess to government guarantees for its borrowing, the WallStreet Journal reported, citing people familiar with the matter.
The hiring of the prominent bankruptcy law firm doesn’tmean a company will actually make a bankruptcy filing, thereport said. “The government has not said absolutely no toanything,” the newspaper cited a person familiar with thematter as saying.
Related stories from top sites:
CIT Bondholders Discuss Swapping Debt for Equity
Jul 10th, 2009 - Wall Street Journal
Large bondholders of CIT Group Inc. are discussing a plan to exchange $5 billion in debt for equity in the company, which is also trying to raise emergency funds to avert a bankruptcy filing...
WRAPUP 2-CIT talks fall apart, bankruptcy looms
Jul 10th, 2009 - Reuters
* CIT says talks with government end * Bankruptcy filing likely on Friday -CNBC, citing source * Trading in CIT stock halted (Adds details from CNBC, WSJ) WASHINGTON/NEW YORK...
Crisis Redux: Shares of lender CIT Group plunge on bankruptcy fears
Jul 10th, 2009 - Courant.com
NEW YORK (AP) - In a sign the financial crisis isn't over, CIT Group Inc., the No. 1 lender to small and mid-sized U.S. businesses, is scrambling to get help from the federal government.
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.
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...
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Related stories from Digg:
Article - 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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