Nov 1st, 2009 - Reuters
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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.
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