CIT Group Gets Approval For 'Vital' $500M Loan

Law360, New York (November 23, 2009, 7:57 PM EST) -- The judge overseeing CIT Group Inc.'s Chapter 11 proceedings has authorized the bankrupt commercial lender to borrow up to $500 million from lenders led by Bank of America NA, giving CIT Group access to financing the court said was vital to a successful reorganization.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed a final DIP order on Monday granting CIT Group's motion for permission to obtain the post-petition financing.

The $500 million credit facility was for the...
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