Businesses scramble as concerns increase about CIT's fate:

CIT Group has been unable to persuade government officials to provide aid, causing a ripple effect through the retail and manufacturing industries. Companies became increasingly concerned that their cash might be tied up in CIT if the lender files for bankruptcy protection. Executives at CIT are trying to line up as much as $3 billion in private-sector financing, sources said. Meanwhile, CIT bondholders are considering a plan to swap debt for equity.

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