CIT Group is striving to gain more support from bondholders by improving the terms of its debt-exchange offer, but bankruptcy remains a possibility for the lender. More details about CIT's offer are expected today when the amendment is filed with the Securities and Exchange Commission. "Getting the explicit approval and vote of more than half of the subordinated debt class is a big step; however, they haven't yet crossed the goal line," said Zachary Prensky, managing director of Little Bear Investments.

Related Summaries