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Article: CIT Looks To Shed $10B Of Debt With Bankruptcy Filing.(News)

Article from:
Mergers & Acquisitions Report
Article date:
November 9, 2009
Copyright

Byline: Aleksandrs Rozens

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.

CIT said some 90% of its debt holders supported the prepackaged plan and the company said some $10 billion of debt will be shed with its bankruptcy.

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 ...

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