News for CIT Group
Jan 12 · 11:25:00 AM · Source: Company News
CIT Group said Tuesday it named three new directors -- Gerald Rosenfeld, Anthony Terracciano and Laura Unger. CIT also announced that Christopher Shays and Lois Van Deusen have resigned. The company added that a search for a new CEO.
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by Larry Etter
Nov 2 · 12:52:00 PM · Source: Company News
CIT Group filed for bankruptcy in an effort to cut $10 billion in debt following a failed debt exchange and U.S. taxpayer bailout. CIT listed $71 billion in assets and $64.9 billion in liabilities in a Chapter 11 petition yesterday in U.S. Bankruptcy Court in Manhattan. The Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.
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by Larry Etter
Oct 28 · 3:57:00 PM · Source: Company News Release
CIT Group Inc. said today it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the Company’s bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the Company’s refinancing of certain existing secured credit facilities.
This financing should head off more threats of bankruptcy.
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by Larry Etter
Oct 23 · 3:14:00 PM · Source: Reuters
CIT Group reached a tentative agreement with Goldman Sachs over a disputed payment on a $3 billion loan.
An agreement over the $1 billion "make whole" payment could be made final within 24 hours. Goldman would be entitled to the $1 billion payment under the $3 billion rescue package it provided in June 2008, six months before the U.S. government invested $2.33 billion in CIT through the Troubled Asset Relief Program. CIT had no immediate comment. Goldman did not immediately return calls seeking comment.
· Related: Goldman Sachs Group Inc
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by Michael Oliveto
Oct 19 · 12:05:00 PM · Source: Wall Street Journal
Billionaire investor Carl Icahn offered to underwrite a $6 billion loan to CIT Group Inc. on Monday, complaining that a proposed solution hammered out by the cash-strapped century-old commercial lender and its largest creditors is too expensive and detrimental to CIT's smaller bondholders.
In a blistering letter to CIT's board, dated Oct. 19, Icahn, who refers to himself as CIT's largest creditor, said the company is "shamelessly" offering to sell certain large bondholders $6 billion of secured loans "well below their fair market value."
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by Larry Etter
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