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Article: CIT Files for Bankruptcy.(News)
- Article from:
- High Yield Report
- Article date:
- November 9, 2009
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Byline: Aleksandrs Rozens, IDD
CIT Group Inc. on Sunday filed for Chapter 11 bankruptcy protection in New York's Southern District Bankruptcy Court, and on Monday it asked the judge overseeing the case, Allan Gropper, for approval to receive a special loan facility to be used during the court-supervised workout.
The company listed over 100,000 creditors in its bankruptcy filing. Its assets totaled $71 billion, while its liabilities came to nearly $65 billion.
CIT provides financing to small and middle-market companies. The company specializes in factoring and is also the third-largest railcar lessor in the U.S. and the third-largest aircraft ...