Post Tagged with: "CIT"
CIT: $3 Billion Credit Facility and Recap Plan
This just hit the wires. NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it entered into a $3 billion loan facility provided by a group of the Company’s major bondholders. CIT further announced that it intends to commence a comprehensive restructuring
No bailout for CIT
This comes from the Wall Street Journal: Small-business lender CIT Group Inc. said "there is no appreciable likelihood" that it will receive fresh government support, suggesting that the company might instead seek to file for bankruptcy protection. In a written statement issued after the market close, the company said it was "evaluating alternatives." The company