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online.wsj.com - 9/29/2009

CIT in Last-Ditch Rescue Bid

— online.wsj.com — The fate of CIT Group Inc. was hanging in the balance Tuesday as the large commercial lender... readied a plan that would likely hand control of the company to its bondholders. CIT is preparing a sweeping exchange offer that would eliminate 30% to 40% ... (more) CIT in Last-Ditch Rescue Bid

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247wallst.com - 9/30/2009

CIT (CIT) For Suckers

— 247wallst.com — Shares of CIT (CIT) rallied 32% to $2.20 after The New York Post reported that hedge-fund operator... John Paulson of Paulson & Co. was orchestrating a move to merge CIT Group with the remains of IndyMac Federal Bank. Those who bought the stock all ... (more) CIT (CIT) For Suckers

Government

Financial Crisis

John Paulson

Henry Paulson

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vsinvestor.com - 9/30/2009

CIT (CIT) Collapsing On Possible Chapter 11

— vsinvestor.com — CIT (CIT) is down over a third on news that bondholders may take over the company or... it may declare Chapter 11. The stock moved up 40% to $2.20 on a rumor that a hedge fund manager might salvage the company. This morning it is down to $1.26.  ... (more) CIT (CIT) Collapsing On Possible Chapter 11

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Today's Headlines
Between the Hedges — ... . Reuters: - CIT Group Inc's(CIT) board approved a restructuring plan on Thursday , clearing the way for the commercial lender to launch a large debt exchange offer or to file for prepackaged bankruptcy if that failed, a person knowledgeable about the matter said. - ...

CIT board agrees restructuring, report
FT Alphaville — CIT Group’s board approved a restructuring plan on Thursday, clearing the way for the troubled US commercial lender to launch a large debt exchange offer or file for prepackaged bankruptcy if that failed, reports Reuters. CIT could announce the plan imminently. The FT meanwhile ...