Commercial lender CIT Group Inc. said Monday its offer to repurchase outstanding debt at a discount a crucial step to help stave off bankruptcy. The embattled New York-based lender offered to buy $1 billion in debt that was set to mature Monday. CIT warned that if not enough bondholders were willing to sell the debt back to the company, it would likely have to file for bankruptcy protection.
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Shares of CIT jumped 10 cents, or 7.1 percent, to $1.51 in midday trading.
The company said nearly 60 percent of the debt was tendered for purchase, barely topping the 58 percent minimum needed to complete the offer. CIT is paying $875 for every $1,000 tendered as part of the offer.
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