online.wsj.com - 11/1/2009
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BY MIKE SPECTOR, VANESSA O'CONNELL AND KATE HAYWOOD CIT Group Inc. filed for bankruptcy protection Sunday, in a final attempt to restructure and keep the doors open at the century-old commercial lender. Now, the lender to nearly a million small and midsize businesses must maintain its customer ...
reuters.com - 11/2/2009
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reuters.com —
Dan Wilchins and Elinor Comlay NEW YORK (Reuters)
- CIT Group Inc, a lender to hundreds of...
thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession ...
(more)
CIT Group files for bankruptcy
nytimes.com - 10/30/2009
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nytimes.com —
NEW YORK (Reuters) - CIT Group is likely
to file for bankruptcy in the coming days, analysts...
and experts said. The lender to small and medium-sized businesses is trying to restructure its debt, and is offering investors two options. One path would ...
(more)
CIT Seen Filing For Bankruptcy In Coming Days
businesspundit.com - 11/2/2009
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businesspundit.com —
Image: Wikipedia Seeking Alpha’s Eli Hoffman puts yesterday’s
CIT bankruptcy filing–the fifth largest in US history–in context:...
CIT Group (CIT) filed for bankruptcy protection Sunday with broad support from its debtholders, but taxpayers will lose the $2.3B ...
(more)
CIT Files for Bankruptcy, First Loser in Government Bailout
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CIT Board Approves Bankruptcy Filing
Calculated Risk —
... Approves Proceeding with Prepackaged Plan of Reorganization with Overwhelming Support of Debtholders And from the NY Times Dealbook: CIT Files for Bankruptcy On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year. Sunday’s filing, made in a Manhattan federal court, caps months of efforts by CIT to stay alive. And from the WSJ: One loser from a bankruptcy would be the U.S. Treasury. Late last year ...
Regulators Delay Bursting of Commercial Real Estate Bubble
Minyanville —
... price levels. Regulators' answer, not unlike the failed mortgage modification programs introduced by the Bush Administration and continued by Obama and his ilk, is to allow big banks like Citigroup ( C ), JPMorgan ( JPM ), and Bank of America ( BAC ) to forestall the recognition of losses, trying to delay the inevitable bursting of the commercial real estate bubble. With Wall Street's collective eyes focused on Monday's headlines -- CIT's ( CIT ) bankruptcy , Goldman Sachs ( GS ) picking up tax credits from Fannie Mae ( ...
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CIT Group Chapter 11 (CIT)
vsinvestor.com 11/2/2009 — CIT Group Inc. (NYSE: CIT) is down sharply on the common stock after the company did go ahead and file a pre-packaged bankruptcy protection. Shares traded are only 380,000 at 8:35 AM EST although it appears that there are no specialist shares ...
CIT Chairman/CEO Out (CIT)
247wallst.com 10/13/2009 — CIT Group Inc. (NYSE: CIT) is now effectively without a CEO. The troubled financial company has just announced that Jeffrey M. Peek informed CIT’s board of directors of his plans to resign. This resignation is as the company’s chairman ...
CIT Double Whammy (CIT)
vsinvestor.com 10/13/2009 — CIT Group Inc. (NYSE: CIT) has two negatives, although one may not be too bad considering how the company has done. There are reports that it is closer to bankruptcy and now its Chairman/CEO announced his resignation . At 8:18 AM EST we have seen ...
PREMARKET ALERT: CIT Group (CIT)
vsinvestor.com 7/10/2009 — CIT Group Inc. (NYSE: CIT) are down about 17 percent to $1.53 on volume of 27,000 shares as of about 8:15 a.m. Eastern. Bloomberg.com is reporting that the FDIC is unwilling to guarantee CIT’s bond sales because the commercial lender’s ...
CIT (CIT) For Suckers
247wallst.com 9/30/2009 — 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 ...
PREMARKET ALERT: CIT Group (CIT)
vsinvestor.com 7/16/2009 — CIT Group (CIT) shares are likely to see a volume spike Thursday after newspaper reports suggest that a government bailout might not be cards, and talks reportedly broke down. That said, its failure to secure government funding is not expected to ...
CIT (CIT) Collapsing On Possible Chapter 11
vsinvestor.com 9/30/2009 — 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.
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Goldman may get $1 bln if CIT files Chapter 11: FT
marketwatch.com 10/5/2009 — TEL AVIV (MarketWatch) -- If CIT Group files to reorganize under Chapter 11 of U.S. bankruptcy law, Goldman Sachs could receive a $1 billion payment because of the structure of a $3 billion rescue financing that Goldman had arranged for the New York ...
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