Law360, New York (October 02, 2009, 12:57 PM ET) -- Troubled business lender CIT Group Inc. on Friday announced a debt exchange plan aimed at trimming $5.7 billion from its balance sheet, but said that it would seek approval from bondholders for a prepackaged Chapter 11 if the plan failed.
CIT's announcement came less than two months after the company announced the completion of a tender offer for $1 billion of floating rate senior secured notes that was intended to keep it from filing for bankruptcy.
The plan announced Friday won approval from CIT's board of...
CIT Aims To Cut $5.7B In Debt, But Ch. 11 Still Looms
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