CIT pressures creditors by drawing up bankruptcy plan, sources say

CIT Group's prepackaged bankruptcy plan and a debt-restructuring plan will be presented to the company's bondholders, sources said. The restructuring plan includes an offer for bondholders to exchange their existing debt for secured equity and debt in the restructured firm. It also strives to get investors to push out their maturities, buying CIT time. If bondholders reject the restructuring plan, they likely will have to take their chances in bankruptcy court.

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