Lender CIT Group has filed for Chapter 11 bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses.
CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders have [...]
The survival of CIT Group Inc, a key source of financing for thousands of small and medium-sized companies, became ensnared in disagreements between regulators in Washington on Monday.
The Federal Deposit Insurance Corp, which insures deposits at U.S. banks, opposed an attempt by the Treasury Department and Federal Reserve to rescue the lender by granting it access [...]
