CIT Nears Bankruptcy Filing

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CIT Nears Bankruptcy Filing

Nov 1st, 2009 - Wall Street Journal

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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.S.'s largest small-business lenders.

CIT's board was meeting about the likely filing early Sunday afternoon, these people said, and the company expected to seek Chapter 11 protection in New York in a matter of hours. The lender expected to have considerable support from creditors for its "prepackaged" reorganization, which could allow CIT to have its plan approved quickly and emerge from bankruptcy by the end of the ...

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cit's bonds rise after prepackaged bankruptcy
Nov 2nd, 2009 - Reuters
NEW YORK, Nov 2 (Reuters) - CIT Group's (CIT.N) bondsrose on Monday, a day after the lender filed a prepackagedbankruptcy that will pay bondholders about 70 cents on thedollar plus new shares.
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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.