CIT likely to file for bankruptcy soon

10/30/2009 | Reuters · Bloomberg

Small-business lender CIT Group is expected to file for bankruptcy soon, possibly in the next few days, industry observers said. The lender will see a total of $800 million in debt come due Sunday and Tuesday, with the company's total debt estimated at $64.9 billion. Bondholders were scheduled to vote on a debt swap, but sources said the deal is unlikely. A prepackaged bankruptcy is the more likely option, they said.

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Reuters · Bloomberg