Private rescue of CIT marks shift

The commercial lender offered the grim assessment one day after major bondholders agreed to provide it with a $3 billion loan.

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July 22, 2009 10:20

 
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CIT Group Inc. said in a regulatory filing Tuesday that it might have to file for bankruptcy protection if not enough bondholders participate in a recently launched debt exchange. The commercial lender offered the grim assessment one day after major bondholders agreed to provide it with a $3 billion loan. CIT, one of the largest lenders to US small and midsize businesses, was forced to scramble in recent weeks to line up new funding as it faced mounting liquidity pressure amid upcoming debt maturities and as customers tapped their credit lines.

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