CIT Reorganizes

The United States Bankruptcy Court for the Southern District of New York confirmed CIT’s prepackaged plan of reorganization. Implementation of the Plan decreasesCIT’s total debt by about $10.5 billion while deferring debt maturities for three years and also enhances capital ratios to levels that exceed regulatory requirements.

“CIT’s market-leading positions are derived from our strong relationships with one million small business and middle market customers,” Mr. Peek added. “We are committed to continue lending to these vital sectors, which will help support much needed job creation and contribute to the recovery of the U.S. economy. I am extremely grateful to our employees for their continued commitment to preserving the value of our franchise. Additionally, I would like to thank our customers for their unwavering support and our regulators for their guidance throughout this process.”　

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CIT is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500.

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