NEW YORK (Reuters) - CIT Group Inc's (CIT.N) bankruptcy filing could push at least some small businesses it finances to look for a new lender, but finding new credit will be tough.
CIT filed for bankruptcy protection on Sunday, and said its creditors have already approved its reorganization plan.
The bankruptcy was long expected and followed a struggle to deal with its debt burden amid the credit crunch and recession, and paves the way for it to restructure its liabilities.
CIT Group Inc. filed for bankruptcy protection Sunday after its board of directors approved of a plan to reorganize the giant small business lender. The plan has also been approved by CIT's creditors.
CIT made the filing in New York Bankruptcy Court after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders overwhelmingly opted for.
Small- and midsize-business financier CIT Group's bankruptcy protection filing Sunday could put most of its clients back into the precarious position the federal government was trying to prevent with its $2.
Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-oldcommercial lender, filed for bankruptcy with financing frominvestor Carl Icahn after the credit crunch dried up its fundingand a U.S.
CIT Group Inc. plans to file for bankruptcy as soon as Sunday afternoon, said people familiar with the matter, in a high-stakes restructuring intended to keep the doors open at one of the U.
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