CIT in, CIT out.
By Daniel at 8 December, 2009, 7:32 pm
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2009-12-09
“CIT Group filed for bankruptcy protection on Nov. 1 after it failed to restructure outstanding debt to alleviate a cash crunch. The reorganization plan, which was approved by key bondholders in advance, reduces CIT’s total debt by $10.5 billion. It also defers debt maturities for three years.
CIT, based in New York, had continued to operate while working through bankruptcy proceedings.
Reducing and delaying debt repayments gives CIT more time to repair its finances, which were hammered by the collapsing credit markets late last year and rising loan defaults among its customers.
CIT must also restructure its board of directors and find a new CEO now that it has completed bankruptcy proceedings.”
http://news.yahoo.com/s/ap/20091208/ap_on_bi_ge/us_cit_group_bankruptcy
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