CIT discusses debt-swap changes with bondholders, sources say

10/15/2009 | Bloomberg

As CIT Group strives to avoid collapse, the commercial lender is discussing amending terms of its debt exchange with some bondholders, sources said. CIT might face liquidation if not enough investors agree to either a debt swap or a prepackaged bankruptcy, according to Moody's Investors Service. A source said the prepackaged bankruptcy might also need to be changed if investors do not approve the debt swap.

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