Ailing lending giant CIT Group warned Friday it might file for bankruptcy if it failed to launch a comprehensive debt-exchange plan to beef up capital levels.
CIT Submits Debt-exchange Plan, – We Are The Market
Closely-watched century-old lender CIT Group Inc. offered up a plan late Thursday night that has salvaged its operations, at least for now, slicing $5.7bn away from its debt obligations by turning control over to its creditors in a …
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How ‘Debt-Free’ Dreams Became Nightmares (ABC News)
Some Credit Solutions of America clients say their debt actually grew.
CIT courts creditors, plans large debt exchange (Washington Post)
NEW YORK (Reuters) – CIT Group Inc , a 101-year-old lender fighting for survival, is planning a large debt exchange offer within weeks and may not sell any assets before fixing its capital structure, a source close to the company said on Friday.
CIT Group sweetens debt buyback offer (USA Today)
Small business lender CIT Group said Friday it has sweetened some terms of a buyback offer for $1 billion of debt and repeated that it may have to seek bankruptcy protection if enough noteholders don’t agree to it.
CIT plans large debt exchange offer: source (Reuters via Yahoo! News)
CIT Group Inc is planning a large debt exchange offer within weeks as part of its plan to restructure itself, and any asset sales are likely still some time away, a source close to the company said on Friday.
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