Summary
WASHINGTON - The board of CIT Group Inc., one of the nation's largest lenders to small and midsize businesses, approved a deal with major bondholders to keep the company out of bankruptcy, the company announced Monday.
CIT will receive a rescue loan from key bondholders hoping to keep it alive long enough to restructure its debt.See the full content of this document
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Investment Group Buys Time for Cit
The deal will not necessarily prevent a bankruptcy filing for the ailing firm, but will give it desperately needed breathing room while it attempts to refinance existing debt. CIT has a $1 billion p...
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