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CIT Reaches Restructuring Deadline

(Filed Under Financial and General Interest News). Ailing commercial lender CIT Group, Inc.—which has been fighting off bankruptcy for the past several months—reached its restructuring deadline on Wednesday, September 30th. The company, a major lender for the apparel industry, said in an August filing with the Securities and Exchange Commission that it is in danger of being forced to file for chapter 11 protection if the restructuring plan does not improve its financial position.

According to reports, the restructuring plan may consist of selling business lines or assets and offers to extend debt maturities.

101-year-old CIT Group, Inc. is one of the largest lenders in the country of small to medium-sized businesses including many in the fashion industry. It is unclear whether or not bankruptcy would mean that the lender would continue to service the industry.

more Financial and General Interest News >>

Published 10-01-2009 by Amanda Torres Price

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