CIT Group gets loan for $4.5 billion

10/29/2009 | Bloomberg

CIT Group received a $4.5 billion loan from a group that included some of its bondholders, the company said Wednesday. The troubled small-business lender has asked bondholders to exchange their debt for new debt that would eliminate about $5.7 billion from what the company owes, or to vote on a prepackaged bankruptcy -- the votes must be cast by 11:59 p.m. today. Billionaire investor Carl Icahn has also made an offer to buy bondholder debt. He says the prepackaged bankruptcy does not offer sufficient value to investors.

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