Just over a month after filing for Chapter 11 bankruptcy protection, CIT Group Inc. announced Tuesday that a judge approved its reorganization plan and the small and mid-size business lender will emerge from bankruptcy protection this Thursday.
CIT Group, which is based in New York, received pre-approval of a bankruptcy restructuring plan from shareholders back in [...]
All Posts Tagged With: "CIT Group"
CIT Group To Emerge From Bankruptcy On Thursday
CIT Group (NYSE:CIT) Wins Concessions and Approval for Fast-Track Bankruptcy
In its bid to survive bankruptcy, CIT Group (NYSE: CIT) was granted unusual and unprecedented concessions, while also gaining approval for a fast-track bankruptcy, which is scheduled to be exited in December 2009.
U.S. Bankruptcy Judge Allan Gropper gave his approval for an interim $125 million loan from Bank of America (NYSE: BAC), part of a [...]
Small Banks and Credit Unions Ramping Up Marketing Campaigns against Huge Banks like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC)
Sensing an unprecedented opportunity to gain market share against banking behemoths like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC), small banks and credit unions have been diligently pursuing American consumers who have become disgusted and tired of the bailouts and attitudes of big banks toward their customers.
Consequently, many small banks and credit [...]
Editorial: Former Major Federal Banking Regulator Prof. Bill Black Says Treasury Secretary Timothy Geithner Incompetent in CIT Group (NYSE: CIT) Bailout Deal – Government Also in Full Cover-up Mode
Taxpayers are out of $2.3 billion because of the incompetent and outrageous deal Treasury Secretary Timothy Geithner made with CIT Group (NYSE: CIT) for receiving its bailout funds, according to William Black, professor at the University of Missouri-Kansas City School of Law, and former leading federal banking regulator.
Black stated in an interview: “We put ourselves [...]
CIT Group (NYSE: CIT) Files For Chapter 11 Bankruptcy Protection
Just two weeks after announcing major debt restructuring plans in an effort to avoid bankruptcy proceedings; CIT Group (NYSE: CIT) announced it has filed for Chapter 11 bankruptcy protection. The lender received overwhelming support from its debt holders in regard to the move that aims to reduce debt by about $10 billion.
The filing was made [...]
CIT Group (NYSE: CIT) Adjusts Debt Restructuring, Aims To Avoid Chapter 11
CIT Group (NYSE: CIT) announced last Friday amendments to the restructuring plan launched on October 1. The New York based lender that focuses on small and mid-size businesses, has been burdened with growing loan losses that has threatened the firm’s livelihood.
The restructuring plan targets roughly $10 billion in unsecured shorter term debt, in hopes to [...]
Wells Fargo (NYSE:WFC) Leading the Way on Small Business Loans
While most major banks have cut back dramatically on making loans to small businesses, Wells Fargo (NYSE:WFC) has upped its efforts in the area, and they’re now considered No. 1 in the American marketplace for small business loans.
To give you an idea on how this has been playing out over the last year or so, [...]
