Beverly Hills 12/9/2009 3:27:39 AM
News / Business

CIT Group to Exit Bankruptcy Protection this Week

Finance World News Update by EQUITIES Magazine

One of the nation’s biggest lenders to small and mid-sized businesses, CIT Group Inc., said today that a judge had approved its reorganization plan, allowing it to emerge from bankruptcy protection on Thursday.

 

CIT Group filed for bankruptcy protection on Nov. 1 after the failed restructuring of its outstanding debt. The new reorganization plan reduces CIT’s total debt by $10.5 billion and defers debt maturities for three years.

 

The government gave CIT $2.3 billion last fall as part of its $700 billion bank rescue program. That $2.3 billion investment was lost when CIT filed for bankruptcy.

 

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Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.

 

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