CIT Group, one of the biggest lenders to small businesses in the States, has recently emerged from Chapter 11 bankruptcy after winning the approval for a prepackaged reorganization plan from a New York bankruptcy court. The reorganization reduces CIT’s total debt by 10.5 billion dollars while deferring other debt payments. CIT Group filed for protection [...]
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Small Business Lender Files for Bankruptcy
CIT group, a nation’s leading lender to small businesses, has filed for Chapter 11 bankruptcy protection. The bankruptcy was expected, since the company was struggling for months to avoid it, and came very close to declaring Chapter 11 bankruptcy in July 2009 after the Treasury rejected the CIT’s request for additional bailout money, but was [...]