Sun, Jul 19th, 2009
CIT Group Inc. was close to securing $3 billion in last-minute rescue financing from its bondholders Sunday in a deal that should keep the struggling firm -- once the largest issuer of small-business loans in the U.S. -- out of bankruptcy court, people familiar with the matter say.
The deal, which was being considered by CIT's board Sunday night, charges CIT very high interest rates, and it doesn't permanently fix the company's long-term financing needs, say people involved in the transaction.
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CIT Buys Time, But Fate Rests With Regulators
Jul 17th, 2009 - Wall Street Journal
CIT Group Inc. put the finishing touches on a $3 billion private-sector rescue plan, as new details emerged showing how the lender's long-term success may still hinge on the mercy of its regulators and debtholders. For now...
CIT may be saved - but now what?
Jul 17th, 2009 - CNNMoney
NEW YORK (Fortune) -- Bondholders are throwing CIT a lifeline. But salvaging the small business lender could still test the company and its CEO, Jeffrey Peek. CIT Group (CIT...
CIT Board Backs Rescue Plan
Jul 17th, 2009 - Wall Street Journal
CIT Group Inc.'s board has approved a $3 billion financing deal from its bondholders that should keep the commercial lender out of bankruptcy court, people familiar with the matter said Monday. The deal charges CIT high interest rates...
CIT Shares Soar On Possible $3B Bondholder Financing >CIT
Jul 17th, 2009 - Wall Street Journal
NEW YORK (Dow Jones)--Shares of CIT Group Inc. (CIT) soared Monday after reports emerged that the struggling lender is close to reaching a deal to receive $3 billion from bondholders to prevent a bankruptcy filing. The deal...
CIT Still Fighting to Stay out of Chapter 11
Jul 17th, 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.
Related videos from YouTube:
- Egan Says CIT Bankrupcty...Nov. 2 (Bloomberg) -- Sean Egan, president Egan-Jones Ratings Co., talks with Bloomberg's Lori Rothman about the outlook for holders of CIT Group Inc.'s bonds. The 101-year-old lender filed ...
- AP Sources: CIT Group Board...AP sources have confirmed that CIT Group's board has approved a deal with major bondholders involving a $3 billion rescue loan to keep it alive long enough to restructure its debt. (July 20)
- CIT To Strike Deal With...CIT Group announce as that it has an agreement for $3 billion in financing from bondholders. (Bloomberg News)
- October 27 Biz Minutebut they restated their gloomy short-term views for the industry and the economy. Billionaire investor Carl Icahn offered today to buy certain classes of debt from CIT Group bondholders as ...
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CIT Group files for US bankruptcy
The US lender, CIT Group, has filed for bankruptcy protection, after a debt-exchange offer to bondholders failed.However, the majority of bondholders have agreed a reorganisation plan that will reduce CIT's debt by $10bn (£6bn) while allowing it to go on operating.(Business & Finance)
inflationSun, Nov 1st, 200911 Diggs, 1 CommentsIcahn Steps Up Battle Over CIT as Deadline Approaches
This bankruptcy affects small businesses from sea to shining sea--many, many franchises, shopping centers, employers--ultimately everyone. Carl Icahn, who says he's the largest bondholder of CIT Group Inc. with $2 billion of debt, stepped up his attacks on the lender's restructuring plan as a deadline approaches tomorrow to avert collapse.(Business & Finance)
DebtHopeWed, Oct 28th, 20091 Diggs, 0 CommentsCIT debt swap struggles, bankruptcy looms
CIT Group Inc (CIT.N) is seeing little interest from bondholders in a debt exchange offer aimed at repairing its fragile balance sheet, making bankruptcy increasingly likely, sources familiar with the matter said.(Business & Finance)
UniversalFCTue, Oct 13th, 20091 Diggs, 0 Comments
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