Results 1 to 5 of 5

Thread: CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

  1. #1
    Norville Rogers
    Kernel Sanders's Avatar
    Join Date
    Jul 2008
    Location
    Pittsburgh, PA
    Last Seen
    07-23-12 @ 10:20 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,730

    CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

    Source [Bloomberg | CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed ]

    Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a U.S. bailout failed.

  2. #2
    Girthless
    RightinNYC's Avatar
    Join Date
    Mar 2005
    Location
    New York, NY
    Last Seen
    01-23-11 @ 11:56 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    25,894

    Re: CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

    Some more details:

    CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.

    CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably wonít recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.
    According to the petition, CITís largest unsecured claim holders were Bank of America Corp., as collateral agent for a $7.5 billion claim, and Bank of New York Mellon Corp., as a trustee for retail bonds with a claim of $3.2 billion. Canadian senior unsecured notes have a claim for $2.1 billion, and Citigroup Inc. also has a $2.1 billion claim as an administrative agent to bank debt due 2010.

    CIT had said in its Oct. 2 outline of a prepackaged plan that it would give most noteholders new notes at 70 cents on the dollar plus new common stock, compared with the range of 70 cents to 90 cents and new preferred stock proposed in the exchange offer.

    CIT also said it would try to emerge from bankruptcy two months from the date of its filing.
    CIT Files Bankruptcy; U.S. Unlikely to Recoup Money (Update3) - Bloomberg.com
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  3. #3
    Dispenser of Negativity
    Cold Highway's Avatar
    Join Date
    May 2007
    Location
    Newburgh, New York and World 8: Dark Land
    Last Seen
    12-24-12 @ 11:21 PM
    Gender
    Lean
    Libertarian
    Posts
    9,596
    Blog Entries
    7

    Re: CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

    Expect more to come, sadly.
    Jackboots always come in matched pairs, a left boot and a right boot.

  4. #4
    Guru
    Councilman's Avatar
    Join Date
    Apr 2009
    Location
    Riverside, County, CA.
    Last Seen
    11-04-11 @ 10:16 PM
    Gender
    Lean
    Conservative
    Posts
    4,454
    Blog Entries
    10

    Attn1 Re: CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

    What is important here about CIT as I understand it, they traditionally have been used to keep the back bone of American economic engine running with regular loans to small businesses where the majority of jobs are created.
    If I have this right the story is being under reported and deliberately so by the "Lame Stream Media" because it is another indication prior to tomorrows elections that the Obama economic recovery plans have failed and in fact are worsening.
    If you look at and couple this with the; AFP: Employment turnaround likely at start of 2010: Geithner story it's all part of a political ploy to effect the outcome of tomorrows races.

  5. #5
    Banned
    Join Date
    Jun 2008
    Location
    Canada
    Last Seen
    12-26-10 @ 06:57 PM
    Gender
    Lean
    Independent
    Posts
    8,083

    Re: CIT Group Seeks Bankruptcy Protection After U.S. Bailout Failed

    Let it sink.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •