CIT Staves Off Ch. 11 With Tender Offer

Law360, New York (August 17, 2009, 3:20 PM EDT) -- Commercial lender CIT Group Inc. has successfully completed its tender offer, a step it says will help it avoid filing for bankruptcy protection.

CIT announced Monday the expiration and successful completion of its tender offer for $1 billion of floating rate senior secured notes due on Monday. The offer, which the company said was an important milestone as the company continues to make progress on its restructuring plan, expired this weekend.

As of Monday, almost 60 percent of the outstanding notes were validly tendered and not...
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