CIT Group Creditors Show Favor For Ch. 11 Plan

By Christie Smythe

Law360, New York (November 19, 2009, 4:45 PM ET) -- Bankrupt commercial lender CIT Group Inc. has reported a strong showing among various constituencies of creditors in favor of its reorganization proposal, putting the company on a path to win approval for the Chapter 11 plan at a confirmation hearing Dec. 8.

CIT, which is under Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, announced on Thursday that it had received approval for its reorganization plan from 88 percent of voting creditors, representing 92 percent of voting debt....
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