Sunday, November 1, 2009

Boo! CIT Zombie Lender Unveiled And Walking Among The Other Dead Chapter 11's

CIT Files Bankruptcy; U.S. Unlikely to Recoup Money (Update3)

Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.

CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

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