CIT Group, which provides financing to individuals and small businesses, filed for Chapter 11 bankruptcy on the afternoon of November 1, 2009. The "prepackaged" bankruptcy plan reportedly will allow the company to recover from protection by the end of the year.http://dealbook.blogs.nytimes.com/2009/11/01/cit-to-file-for-bankruptcy-soon/
CIT Group received a $2.3 billion bailout in 2008, but was unable to shed nearly $30 billion in bond debt, leading to the bankruptcy filing.http://dealbook.blogs.nytimes.com/2009/11/01/cit-to-file-for-bankruptcy-soon/
References
Fast Facts
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Fact:
CIT Group filed for Chapter 11 bankruptcy protection
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Fact:
Filed on November 1, 2009
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Fact:
CIT Group is a Fortune 500 finance company
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Fact:
Provides financial services to individuals and small businesses
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Fact:
Filed a so-called "prepackaged" bankruptcy package
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Fact:
Should emerge from court protection by the end of the year
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Fact:
Received a $2.3 billion bailout from the U.S. Government in 2008
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Fact:
Unable to shed $30 billion in bond debt
