CIT Group aims to reduce debt via bankruptcy filing

In its bankruptcy filing, CIT Group listed assets of $71 billion and liabilities of nearly $65 billion. The lender said support from its bondholders should make it possible for the company to quickly exit court protection. "Short term, it's going to cause some difficulties for startups and smaller borrowers," said Jean Everett, a partner at Hiscock & Barclay. "CIT lent across so many sectors it's sort of difficult to predict how it'll affect each sector."

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