CIT Delays SEC Filing In Struggle To Stay Afloat

Law360, New York (August 11, 2009, 2:45 PM EDT) -- As CIT Group Inc. tries to avoid tumbling into Chapter 11, the commercial lending giant has delayed filing its quarterly report with the U.S. Securities and Exchange Commission.

In an SEC filing Tuesday, CIT said it couldn't file its 10-Q by Monday's deadline, but expected to do so by Aug. 17.

The company’s senior management and other key personnel have been spending much of their time with the company's restructuring efforts, preventing them from completing the 10-Q, the filing said.

CIT launched a cash tender program...
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