CIT Group Puts Pressure On Bondholders

Law360, New York (July 24, 2009, 7:19 PM EDT) -- Beleaguered lender CIT Group Inc. has reworked a deal for investors to encourage early compliance with its tender offer, but bankruptcy still may be on the horizon, CIT said in a filing with the U.S. Securities and Exchange Commission Friday.

The company has lowered its offer to investors who are late tendering floating rate senior notes, it said in an 8-K filing on Friday. The notes are set to mature on Aug. 17, but the company wants noteholders to tender their notes early, and warned that...
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