Mon, Jul 20th, 2009
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CIT Group Inc.'s board approved a deal late Sunday with major bondholders to keep the company out of bankruptcy with a $3 billion rescue loan, the New York Times reported.
The emergency financing is intended to give the ailing company time to restructure some of the billions of dollars in debt payments coming due this year, the Times reported, citing anonymous sources.
CIT representatives could not immediately be reached for comment.
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CIT Buys Time, But Fate Rests With Regulators
Jul 20th, 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 20th, 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 says secures $3 bln credit facility
Jul 20th, 2009 - Reuters
NEW YORK (Reuters) - U.S. lender CIT Group Inc said on Monday it secured a $3 billion credit facility from bondholders and would start a comprehensive restructuring, in moves seen crucial for the company to avoid a bankruptcy filing. The company...
CIT Board Backs Rescue Plan
Jul 20th, 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 Group board OKs rescue loan
Jul 20th, 2009 - Los Angeles Times
The board of CIT Group Inc., one of the nation's largest lenders to small and mid-size businesses, approved a deal with major bondholders to keep the company out of bankruptcy...
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CIT files for bankruptcy
CIT Group filed for Chapter 11 bankruptcy protection today after months of trying to avert it. The bankruptcy was filed in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses... (Business & Finance)
mizozoSun, Nov 1st, 20092 Diggs, 0 CommentsCIT files for Chapter 11 bankruptcy protection
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