New York – Biggest Bankruptcy: CIT Files For Chapter 11

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    New York – 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.

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    CIT made its filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT says the majority of its bondholders have approved a prepackaged reorganization plan which will reduce total debt by $10 billion while allowing the company to continue to do business.

    CIT’s move will wipe out current holders of its common and preferred stock, likely meaning the U.S. government will lose the $2.3 billion it sunk into CIT last year to prop up the ailing company.

    The Chapter 11 filing is one of the biggest in U.S. corporate history


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    19 Comments
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    Anonymous
    Anonymous
    14 years ago

    Oh vie, now comes the stock market.

    Anonymous
    Anonymous
    14 years ago

    To those of you who didn’t lighten up your stock holdings or sell out entirely late last week when the Market started tanking, Monday AM is going to be a very bad day. Probably too late now so hope the losses will not be as bad as black monday in 87.

    Asher Buchwalter
    Asher Buchwalter
    14 years ago

    How about that, the market “adjusted” and the gamblers lost. How about that free market adjustment and Atlas Shrugged hopefully not to the detriment of the tax payer. Las Vegas on Wall Street and there is more to come I am sure despite of the conservative mantra.

    joey
    joey
    14 years ago

    stock market is gambling its time for yidden to start earning a honest living with hard work

    Anonymous
    Anonymous
    14 years ago

    market is manipulated.no one has an idea of where its going tomorrow

    Anonymous
    Anonymous
    14 years ago

    Oy vay,, didnt I hear that they were saying the recession is over????

    Anonymous
    Anonymous
    14 years ago

    You people need to get a clue. CIT is a worthless company whose shares were trading in the one dollar range for over a month. Everyone who knows anything about CIT knew it would declare bankruptcy. This is not a state secret.

    The market will not crash or confirm any of the doomsday scenarios you paranoid right-wing folks love to dwell on. As I type the Dow futures are up 43 points. So much for 1987, or was that 1929.

    Instead, you clowns will lose your pants shorting stocks and betting against American markets, while the rest of us profit from your stupidity.

    dont get it
    dont get it
    14 years ago

    i dont understand how the stock market is gaining anything.
    jobs are being lost, unemployment is growing
    jobs are being outsourced
    military spending is berzerk that army is risking bankruptcy by 2015 or so if these wars of our continue
    we produce 0 and in the coming years will somehow manage to produce even less, especially as the global warming/carbon foot print scare sends more jobs out and the few american agricultural jobs left are sent to china
    the rich are only getting richer and the middle class is going poor
    most american born businesses are now owned by foreign companies
    The government is pumping out billions of dollars that is created out of thin air to bail out CEOs who.
    debt is growing ever higher and since banks and not congress control our monetary system american are ever paying our growing national debt. because money can be printed without being back.
    now i ask you how on earth is the stock market gaining? it hasnt actually its been pretty much stagnant since 1999.
    this is exactly what happened to germany post-ww1 and prior to the depression
    history repeats.
    btw lets not forget democracy is now for sale, as mike bloomberg runs for his 3rd term

    Anonymous
    Anonymous
    14 years ago

    You’re the one who said you aren’t a greedy pig. I disagree. YOu confirm it by wishing me dead. Now THAT is a HORRIBLE thing to say.
    But I did qualify my statement saying illness is THE one reason that justifies not working by choice. being terminated from a job and not finding one also may qualify but you should be doing every thing you can to find work. If you are unwell why didn’t you say that? If you were laid off why didn’t you say that? Those are not “retirement” at any age. You said you’re retired period. To me that is a choice to have leisure time.

    Quite honestly I’m tired of hearing people like my in-laws make the same complaints you did but yet they can take trips to the mountains for several days. They live in a large house they don’t need and are finding hard to maintain but at 85, they do all their own gardening on 2 acres, their cleaning, shopping and cooking by themselves. My father-in-law dug up the septic field by hand at 75 and with a bum knee.
    I think that’s great but again, when they complain about not having money, yet are able to do all those things, I tune out.