Full Story » Nov 2, 2009
CIT Group files for bankruptcy - Yahoo ... CIT Group files for bankruptcy ... NEW YORK (Reuters) CIT Group Inc, a lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession clobbered its loans. (Yahoo News -- Top Stories)
Power Breakfast: CIT bankruptcy, Delta, substitutes, Kia, stimulus Nov 2, 2009
CIT Group Inc. filed for Chapter 11 bankruptcy protection in New York after months of struggling to avoid collapse. The company provides badly needed credit to thousands of small and mid-sized businesses, and is a critical part of the flow of capital in the retail sector. (Atlanta Journal-Constitution -- Business)
Nikkei hits 3-week closing low Nov 2, 2009
Tokyo analysts also said that while investors had been spooked by the bankruptcy filing of US lender CIT Group and concerns about Citigroup's balance sheet, these were no longer a major market factor. "If, for example, there was worry the way there was when Lehman failed, there would have been much sharper falls," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities. (India Times)
School places cheating report due Nov 2, 2009
Page last updated at 01:40 GMT, Monday, 2 November 2009. The idea of school choice can make parents feel excluded from some schools. (BBC News -- UK)
CIT Files for Bankruptcy; U.S. Is Unlikely to Recoup $2.3 Billion Bailout Nov 2, 2009
CIT Group Files Bankruptcy, Seeks to Cut $10 Billion in Debt - Bloomberg ... CIT Group Files Bankruptcy, Seeks to Cut $10 Billion in Debt ... The case is In re CIT Group Inc., 09-16565, U.S. Bankruptcy Court for the Southern District of New York (Manhattan). (Bloomberg -- US)
Stanford Grad Gives $33M For Stem Cell Research Nov 2, 2009
Embattled commercial lender CIT Group has filed for Chapter 11 protection, making it the fifth-largest company to go bankrupt in the country's history, with taxpayers on the hook for $2. 3 billion. (Yahoo News -- Philanthropy and Volunteerism)
Stocks Drop Most in Month on Stronger Yen, Weaker Commodities; Canon Falls Nov 2, 2009
Stocks also fell after CIT Group Inc. filed the biggest bankruptcy claim in the U.S. in more than a year. The Nikkei 225 Stock Average declined 2. (Bloomberg -- Japan)
AP News in Brief Nov 2, 2009
CIT Group seeks prepackaged reorganization in New York bankruptcy court. WASHINGTON - After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses. (NJ.com -- News)
Asia share drop ltd after Wall St hit Nov 2, 2009
Worries about the US financial sector resurfaced after CIT Group Inc, the lender to small and 00004000 mid-sized US companies, filed for bankruptcy and an accounting expert said Citigroup may need further write-downs. But the fallout on Asian equity markets was limited and higher-yielding currencies quickly recovered from early losses, with some market players blaming the volatile moves on profit-taking and portfolio reshuffling before year-end. (India Times)
PM urges Afghan corruption effort Nov 2, 2009
Page last updated at 17:53 GMT, Sunday, 1 November 2009. Mr Brown said a "better form of government" was needed. (BBC News -- UK)
Oil bonanza? Nov 2, 2009
Page last updated at 09:19 GMT, Monday, 2 November 2009. Neglect haunts Sudan's south. (BBC News -- Africa)
Yen Cuts Earlier Gains as It Slides Vs Aussie Nov 2, 2009
The Australian and New Zealand dollars also fell early in the session partly due to a correction to their rallies of the past few months and soured market sentiment from news that CIT Group filed for bankruptcy. "The market has become sensitive to negative economic news, I think it is because risky financial assets had advanced to levels that seem to be overbought," said Minoru Shioiri, a senior manager of FX trading for Mitsubishi UFJ Securities. (ABC News -- Wire)
Memories of a massacre Nov 2, 2009
Page last updated at 00:46 GMT, Sunday, 1 November 2009. Indira Gandhi's death remembered. (BBC News -- South Asia)
Fry ends row with Twitter critic Nov 2, 2009
Page last updated at 09:55 GMT, Sunday, 1 November 2009. Stephen Fry is one of the most prolific celebrity users of Twitter. (BBC News -- Technology)
Call to cut 'farcical' jail terms Nov 2, 2009
Page last updated at 07:58 GMT, Monday, 2 November 2009. Mr Duncan Smith has been promised a social justice role in government. (BBC News -- UK)
Global Stocks Slide Ahead of Policy Meetings Nov 2, 2009
News that CIT Group INC, a U.S. lender to hundreds of thousands of small and medium-sized businesses, finally filed for bankruptcy on Sunday, also underscored the continuing fragility of parts of the financial sector. World stocks as measured by MSCI were down 0. (ABC News -- Business)
Goodbye to All That Stimulus? Nov 2, 2009
The bankruptcy of CIT Group Inc on Sunday will also feed pessimism about the economy this week, traders said. The century old commercial lender was brought down by the global credit crisis that left it unable to fund itself, while the recession left it with too many bad loans. (ABC News -- Business)
Police expand search for rapist Nov 2, 2009
Page last updated at 15:22 GMT, Sunday, 1 November 2009. Police have warned anyone who sees Hussain not to approach him. (BBC News -- UK)
Lender CIT Group files for Chapter 11 bankruptcy Nov 2, 2009
CIT Group files for bankruptcy - The Boston Globe ... CIT Group files for bankruptcy. (Boston Globe)
Expat boost for business leaders Nov 2, 2009
Page last updated at 00:36 GMT, Monday, 2 November 2009. The GlobalScot conference is a chance for business leaders to network. (BBC News -- Business)
Sectarian gap Nov 2, 2009
Page last updated at 15:51 GMT, Sunday, 1 November 2009. Ali and Zeinab's wedding is a sign that Iraq is moving away from old prejudices. (BBC News -- Africa)
A Look at the Top 10 US Bankruptcies Nov 2, 2009
CIT Group's filing for Chapter 11 protection is the fifth-largest in U.S. history ... CIT Group Inc., Nov. 1, 2009, $71 billion. (ABC News -- Wire)
Stock futures signal rebound on Wall Street Nov 2, 2009
The banking sector will be in the spotlight after CIT Group Inc (CIT.N), a U.S. lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession hit its loans. Goldman Sachs Group Inc (GS.N) is in talks to buy millions of dollars of tax credits from Fannie Mae (FNM.N), but the U.S. Treasury could block the deal, The Wall Street Journal reported on Sunday. (Yahoo News -- Press Releases)
CIT Group goes bankrupt Nov 2, 2009
WASHINGTON 1E40 mdash; Lender CIT Group has filed for Chapter 11 bankruptcy protection, a potential blow to the thousands of small and mid-sized businesses that rely on the company for loans to keep their operations afloat ... WASHINGTON Lender CIT Group has filed for Chapter 11 bankruptcy protection, a potential blow to the thousands of small and mid-sized businesses that rely on the company for loans to keep their operations afloat. (New York Post -- Business)
US stocks slide ahead of Fed rate decision, jobless data Nov 1, 2009
Wall Street ended the week gripped by speculation that embattled CIT Group, a major lender to small and medium-sized businesses, would likely file for bankruptcy protection over the weekend. Next week's hefty macroeconomic calendar concludes with the closely watched monthly labor market report for October. (Yahoo! Asia News)
CIT to get support for prepack deal Nov 1, 2009
NEW YORK: CIT Group has met at least one of the hurdles necessary to file for a prepackaged bankruptcy, sources said, bringing the commercial lender one step closer to the fast bankruptcy process it is seeking to lower its liabilities and get back to health ... CIT Group has met at least one of the hurdles necessary to file for a prepackaged bankruptcy, sources said, bringing the commercial lender one step closer to the fast bankruptcy process it is seeking to lower its liabilities and get back... (India Times)
US stocks swoon, dow down 250 points Oct 31, 2009
Bank stocks were hardest hit as investors worried about the fate of commercial lender CIT Group Inc. Billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan and provide it with a $1 billion line of credit, but investors are still worried that the company could file for bankruptcy protection. The stock tumbled 24 percent. (The Star Online, Malaysia)
CIT receives $1 bn loan from Icahn Oct 31, 2009
CIT Group receives $1 billion loan from Icahn- International Business-News-The Economic Times ... CIT Group receives $1 billion loan from Icahn31 Oct 2009, 0516 hrs IST, AGENCIES ... NEW YORK: Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT may soon file for bankruptcy protection. (India Times)
CIT Group gets $1 billion loan from Icahn Oct 31, 2009
CIT Group receives $1 billion loan from Icahn ... Carl Icahn has been an outspoken critic in recent weeks of CIT Group's plan to restructure its debt in an effort to avoid collapse ... NEW YORK - Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT may soon file for bankruptcy protection. (MSNBC -- Business)
US stocks dive as fears overtake growth hopes Oct 31, 2009
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CIT Moves Closer to Pre-Packaged Bankruptcy Approval Oct 31, 2009
NEW YORK (Reuters) - CIT Group has met at least one of the hurdles necessary to file for a prepackaged bankruptcy, sources said, bringing the commercial lender one step closer to the fast bankruptcy process it is seeking to lower its liabilities and get back to health. Holders of about 90 percent of its unsecured bonds have approved the prepackaged bankruptcy, two sources familiar with the matter said late Friday. (ABC News -- Business)
Sinking feeling Oct 31, 2009
CIT Group, facing a bankruptcy filing this weekend, tumbled 3 ... CIT Group, facing a bankruptcy filing this weekend, tumbled 3. (New York Post -- News)
Wall St falls Oct 31, 2009
Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan. However, reports said CIT may soon file for bankruptcy protection despite the bail. (Xinhuanet, China)
CIT Seen Filing for Bankruptcy in Coming Days Oct 30, 2009
NEW YORK (Reuters) - CIT Group is likely to file for bankruptcy in the coming days, analysts and experts said. The lender to small and medium-sized businesses is trying to restructure its debt, and is offering investors two options. (ABC News -- Wire)
American stocks slump on recovery concerns Oct 29, 2009
49 dollars while lender CIT Group jumped 10. 42 percent to 1. (Business Report, South Africa)
Icahn Provides Financing Commitment to CIT Oct 29, 2009
6 billion term loan to CIT Group, Inc. (CIT). In a letter to the embattled lender, which is struggling to restructure itself, Icahn said the loan would be structured as an expansion of CIT's existing $3 billion rescue loan put in place by a group of the firm's largest bondholders in July. (SmartMoney)
CIT Group receives $4.5 billion loan Oct 29, 2009
CIT Group receives $4 ... CIT Group receives $4 ... NEW YORK - CIT Group Inc., one of the largest U.S. lenders to small and mid-sized businesses, said Wednesday it received $4. (MSNBC -- Business)
CIT Secures $4.5 Billion Credit Facility Oct 29, 2009
NEW YORK (Reuters) - Commercial lender CIT Group Inc , teetering on the brink of bankruptcy, said on Wednesday it has secured $4. 5 billion of additional financing. (ABC News -- Wire)
Icahn offers to grab up CIT bonds Oct 28, 2009
A spokesman for CIT Group declined to comment. CIT is likely to file for bankruptcy protection if it is unable to win acceptance for the restructuring plan, which would reduce its near-term debt maturities by about $5. (Boston Globe)
Icahn Offers to Buy Outstanding CIT Group Debt Oct 28, 2009
Icahn makes offer to purchase CIT Group debt if bondholders agree to reject restructuring plan ... Billionaire investor Carl Icahn offered Tuesday to buy certain classes of debt from CIT Group Inc. bondholders as he tries to thwart the commercial lender's restructuring plan ... Icahn on Tuesday, Oct. 27, 2009 said in a letter he will pay CIT Group Inc.'s smaller bondholders 60 cents on the dollar for their debt if they agree to reject CIT's debt restructuring plan. (ABC News -- Wire)
Business briefs Oct 27, 2009
CIT Group said that it had sweetened and ex tended its debt-ex change offer to bond holders issued by a Canadian unit of the embattled lender ... CIT Group said that it had sweetened and ex tended its debt-ex change offer to bond holders issued by a Canadian unit of the embattled lender. (New York Post -- Business)
Icahn resigns from Yahoo! board Oct 25, 2009
Icahn -- a financier who has developed a reputation as a corporate raider -- on Monday offered a six-billion-dollar loan to ailing lending giant CIT Group. In late August Icahn sold 12. (Yahoo News -- Technology)
Investor Icahn Offers CIT Group $6B Loan Oct 24, 2009
Billionaire investor Carl Icahn, seen in this undated "60 Minutes" segment, offered struggling lender CIT Group a $6 billion loan, Icahn wrote to the company's board of directors in a letter released Monday ... The move would allow bondholders to avoid voting for a revised debt exchange offer CIT Group proposed late Friday that Icahn says unfairly favors large bondholders ... CIT Group's losses have been mounting as its borrowing costs have outstripped its income amid the credit crunch. (CBS News -- Sci/Tech)
CIT Presses Bondholders to Agree to Restructuring Oct 24, 2009
NEW YORK (Reuters) - CIT Group Inc warned bond holders that if they failed to exchange their debt or approve a prepackaged bankruptcy, the commercial finance company -- and its debt investors' returns -- could suffer mightily. The company said that, without a debt exchange or an orderly bankruptcy, the company would have to liquidate, an expensive process that could leave unsecured bondholders with somewhere between 6 cents and 37 cents on the dollar. (ABC News -- Business)
Report: CIT Reaches Tentative Deal With Goldman Oct 23, 2009
CIT Group Inc., struggling to restructure billions in debt and stay out of bankruptcy court, could finalize a deal in the next 24 hours with Wall Street bank Goldman Sachs Group Inc. over a disputed payment on a $3 billion loan, according to a published report. CIT has reached a tentative deal with Goldman, The Wall Street Journal reported online late Thursday, citing unidentified people familiar with the matter. (ABC News -- Business)
CIT, Goldman in Tentative Pact: Report Oct 23, 2009
NEW YORK (Reuters) - CIT Group Inc , a large finance company trying to avoid bankruptcy, reached a tentative agreement with Goldman Sachs Group Inc over a disputed payment on a $3 billion loan, Dow Jones Newswires reported on Thursday, citing people familiar with the matter. An agreement over the $1 billion "make whole" payment could be made final within 24 hours, the news service said, citing one of the sources. (ABC News -- Wire)
Locals Raise Bid for Philadelphia Papers to $87M Oct 22, 2009
The senior creditors include the Royal Bank of Scotland Group PLC, CIT Group Inc. and Angelo, Gordon p. They argue that Tierney's team has tried to demonize them through a "Keep It Local!" publicity campaign that suggests outside creditors would slash news operations in pursuit of profits. (ABC News -- Wire)
Matching Gifts Oct 21, 2009
Matching Gift Companies - CLEMSON UNIVERSITY OFFICIAL ATHLETIC SITE. Matching Gift Companies Thank you for making the extra effort - and for your doubled support. (Clemsontigers.com)
CIT Debt Offer by Obscure Fund Raises Questions Oct 21, 2009
NEW YORK (Reuters) - An obscure hedge fund said it offered to buy $1 billion in debt from CIT Group Inc but declined to identify its source of capital. CIT would not comment on whether it was seriously considering the offer. (ABC News -- Wire)
In-cit-ing icahn Oct 20, 2009
Activist investor and billionaire Carl Icahn yesterday set his sights on embattled finance company CIT Group, blasting its debt-swap plan as favoring the board of directors -- and threatening to sue in order to block the proposal ... Activist investor and billionaire Carl Icahn yesterday set his sights on embattled finance company CIT Group, blasting its debt-swap plan as favoring the board of directors -- and threatening to sue in order to block the proposal. (New York Post -- Business)
Executives' perks keep rolling at rescued banks Oct 20, 2009
Some chief executives, such as Ken Lewis of Bank of America and Jeffrey Peek of CIT Group, the major small-business lender now on the brink of bankruptcy, each received about $100,000 more than a year earlier for personal use of corporate jets. Others saw an increase in the value of chauffeured services, parking or personal security. (AZCentral -- News)
Icahn offers CIT Group a $6 billion loan Oct 20, 2009
NEW YORK - In another sign that CIT Group Inc. is struggling to restructure its debt, billionaire investor Carl Icahn offered the lender a $6 billion lifeline. In a letter Monday to CIT's board of directors, Icahn said he would give the company the loan to replace a debt restructuring plan CIT has asked bondholders to approve. (MSNBC -- Business)
Business Highlights Oct 20, 2009
(AP) Icahn offers CIT Group $6 billion loan. NEW YORK - In another sign that CIT Group Inc. is struggling to restructure its debt, billionaire investor Carl Icahn offered the lender a $6 billion lifeline. (NJ.com -- News)
The week's winners and losers Oct 19, 2009
CEO of beaten-up CIT Group resigns effectiveend of the year ... CEO of beaten-up CIT Group resigns effectiveend of the year. (New York Post -- Business)
Full Story » Oct 18, 2009
CIT Group amends debt restructuring offer - Yahoo ... CIT Group amends debt restructuring offer ... CIT Group Inc., a major lender to small and midsize businesses that has struggled under mounting losses and tight credit availability, has amended its debt restructuring offer to enlist more bondholder support. (Yahoo News -- Technology)
CIT Amends Restructuring Plan With Bondholders Oct 18, 2009
CHICAGO (Reuters) - Commercial finance company CIT Group Inc and a group representing its bondholders have agreed on changes to the company's proposed restructuring plan as it looks shore up its finances. The changes, announced by CIT late Friday, include a mechanism to accelerate the repayment of new notes; the shortening of maturities by six months for all new notes and junior credit facilities; and offering more equity to subordinated debt holders. (ABC News -- Business)
CIT Group Amends $29 Billion Debt Exchange to Add Support, Avoid Collapse Oct 17, 2009
CIT Group Amends $29 Billion Debt Exchange to Avoid Collapse - Bloomberg ... CIT Group Amends $29 Billion Debt Exchange to Avoid Collapse. (Bloomberg -- US)
GMAC's Ally Lampoons Kid-Cheating Lenders, Woos Depositors With Top Rates Oct 15, 2009
The FDIC cited unsafe and unsound banking practices on July 16 when it ordered the banking unit of CIT Group Inc. not to accept any more brokered deposits. The New York-based parent company is teetering near bankruptcy. (Bloomberg)
CIT Group Said to Be in Talks to Amend Terms of $29 Billion Debt Exchange Oct 15, 2009
CIT Group Said to Be in Talks to Amend $29 Billion Debt Swap - Bloomberg ... CIT Group Said to Be in Talks to Amend $29 Billion Debt Swap. (Bloomberg -- US)
TOUSA lenders lose in nearly $700M ruling Oct 15, 2009
Other defendants are , , JPMorgan Chase Bank, , Credit Products, Hartford Mutual Funds, CIT Group, Credit Partners and. The Wall Street Journal is reporting that a Bank of American spokeswoman said they plan to appeal Wednesday s ruling. (South Florida Business Journal, FL)
Philly newspaper owners appeal credit-bid ruling Oct 14, 2009
A bankruptcy judge ruled last week that senior lenders can use the 300 million they re owed to bid on the company at a planned auction (Somerset Daily American, PA)
Stock futures dip; eyes on J&J, Intel earns Oct 13, 2009
CIT Group Inc (CIT.N) is seeing little interest from bondholders in a debt exchange offer aimed at repairing its fragile balance sheet, making bankruptcy increasingly likely, sources familiar with the matter said. Bank of America Corp (BAC.N) agreed to hand over documents that detail the legal advice it received during its purchase of Merrill Lynch span class="yshortcuts" id="lw_1255423865_29">The Wall Street Journal said, a reversal after months of resisting such a move. (Yahoo News -- Press Releases)
CIT Debt Swap Struggles, Bankruptcy Looms Oct 13, 2009
NEW YORK (Reuters) - CIT Group Inc is seeing little interest from bondholders in a debt exchange offer aimed at repairing its fragile balance sheet, making bankruptcy increasingly likely, sources familiar with the matter said. The lender to small and medium-sized businesses said earlier this month it was looking for investors to approve a large debt exchange that would reduce its borrowings, or to approve a prepackaged bankruptcy. (ABC News -- Wire)
Lenders Can Use Debt to Buy Philly Newspapers Oct 9, 2009
The senior creditors include the Royal Bank of Scotland Group PLC, CIT Group Inc. and Angelo, Gordon he auction date has not yet been scheduled. Creditors had complained in court that the company drew up a contorted bankruptcy reorganization plan designed to exclude credit bids and keep Tierney and his team at the helm. (ABC News -- Wire)
34 banks don't pay their quarterly TARP dividends Oct 8, 2009
Search hundreds of franchises and business opportunities to find the one that is right for you. Quick Request Form: Request information from your favorite franchises and business opportunities. (USA Today -- Money)
