Comments on: CIT Won’t Get Additional Bailout Money; Bankruptcy Likely

By: CIT Offers Debt Exchange, Draws Up Bankruptcy Plans

CIT Offers Debt Exchange, Draws Up Bankruptcy Plans — Sat, 03 Oct 2009 12:01:36 +0000

[...] in July raised $3 billion from bondholders to keep afloat after it was denied more funds from the U.S. government under the Troubled Asset Relief Program (TARP). The company’s bondholder steering committee [...]

By: Investment News Briefs

Investment News Briefs — Fri, 14 Aug 2009 09:55:18 +0000

[...] Commercial lender CIT Group Inc. (NYSE: CIT) has been told by the U.S. Federal Reserve that it has 15 days to come up with a capital and liquidity management plan, the company said yesterday (Thursday) in a regulatory filing. The struggling lender may finally yield and declare bankruptcy if various restructuring efforts including a tender offer for $1 billion in notes due on August 17 prove unsuccessful. CIT must also submit a business plan to the Fed outlining how it will improve its financial condition and outline actions to strengthen its management and corporate governance within 75 days. CIT received more than $2 billion in Trouble Assset Relief Program (TARP) funds in December, but was denied additional money last month. [...]

By: Bondholders to Bail Out CIT

Bondholders to Bail Out CIT — Mon, 20 Jul 2009 19:27:19 +0000

[...] CIT Group Inc. (NYSE: CIT) appears to have struck a $3 billion financing deal with bondholders late Sunday night, rescuing it from the brink of bankruptcy after last week failing to obtain additional bailout money from the U.S. government. [...]

By: Retail Sector Faces Uphill Climb in 2009

Retail Sector Faces Uphill Climb in 2009 — Mon, 20 Jul 2009 10:58:35 +0000

[...] potential bankruptcy of commercial lender CIT Group Inc. (NYSE: CIT) could be a major tipping point for businesses that rely heavily on credit. Vendors for [...]

By: Gary Wardell

Gary Wardell — Sat, 18 Jul 2009 23:57:15 +0000

Most people’s closets and dresser drawers are stuffed with thing they will never wear again. Let CIT fail!