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Article: CIT Board of Directors Approves Proceeding with Prepackaged Plan of Reorganization with Overwhelming Support of Debtholders.
- Article from:
- Business Wire
- Article date:
- November 1, 2009
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Nearly 90% in Favor of Plan; Emergence Sought by Year-End
Operating Entities Remain Unaffected and Highly Liquid
Continue Lending to Small and Middle Market Businesses
NEW YORK -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that, with the overwhelming support of its debtholders, the Board of Directors voted to proceed with the prepackaged plan of reorganization for CIT Group Inc. and a subsidiary that will restructure the Company's debt and streamline its capital structure.
Importantly, none of CIT's operating subsidiaries, including CIT Bank, a Utah state ...