CIT must overcome hurdles to emerge as viable entity
After filing for bankruptcy, CIT Group faces several obstacles, including approval of its prepackaged bankruptcy plan by the court, before it can return as a viable business. The court must determine whether CIT's plan is "feasible" and that the lender will likely not have to liquidate or refile for bankruptcy before Judge Allan Gropper may approve the plan. CIT is expected to pass that hurdle, but analysts said there are other concerns.
Reuters | 11/03
This story published in ELFA SmartBrief on 11/03/2009
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