CIT Group on cusp of $3 billion rescue
reuters.com — NEW YORK (Reuters) - CIT Group Inc has clinched a deal for $3 billion of emergency financing from bondholders, keeping the struggling lender out of bankruptcy, and the pact may be announced Monday, a person close to the matter said. The money could... (Submitted by mohamedrias786) More...
CIT in talks with bondholders, as bankruptcy looms
pressradar.com — Reuters - CIT Group Inc was in talks with a bondholder group on Saturday, as the lender tried to hammer out a rescue financing deal before markets opened and avoid bankruptcy, a source close to the situation said. (Submitted by nievojan) More...
Bondholders committee, board OK CIT restructuring
news.yahoo.com — Struggling CIT Group Inc. has launched a debt restructuring effort it hopes will trim at least $5.7 billion from its balance sheet, but also is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection. (Submitted by junitj) More...
CIT near rescue plan to turn over co to bondholders: report
reuters.com — NEW YORK (Reuters) - CIT Group Inc is nearing a plan that likely would hand the struggling commercial lender over to its bondholders, the Wall Street Journal reported Tuesday. Citing a person familiar with the matter, the Wall Street Journal said... (Submitted by Sparty12) More...
CIT Group files for US bankruptcy
news.bbc.co.uk — The US lender, CIT Group, has filed for bankruptcy protection, after a debt-exchange offer to bondholders failed.However, the majority of bondholders have agreed a reorganisation plan that will reduce CIT's debt by $10bn (£6bn) while allowing it to go on operating. (Submitted by inflation) More...
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