1st-Day Orders Put CIT Group On Bankruptcy Fast Track

Law360, New York (November 3, 2009, 3:51 PM EST) -- Bankrupt commercial lender CIT Group Inc. won approval Tuesday to immediately tap $125 million of a debtor-in-possession loan through Bank of America Corp., as part of its package of first-day motions seeking to sustain operations during a speedy restructuring effort.

Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed off on CIT's routine first-day motions during a hearing Tuesday, giving it access to the first chunk of Bank of America's $500 million DIP loan, as well as permission to...
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