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CIT files for 5th largest U.S. bankruptcy
CNNMoney.com
Monday, Nov 2nd, 2009
CIT Group Inc., one of the nation's leading funders
of small and medium-sized businesses, filed for the fifth largest
bankruptcy by assets in U.S. history Sunday as part of a reorganization
plan that has the support of an overwhelming majority of debtholders.
In a statement, the company said it is asking the U.S. Bankruptcy
Court for the Southern District of New York for a quick approval
of the prepackaged plan. CIT said none of its operating subsidiaries
would be affected by the filing, allowing them to continue operations.
"The decision to proceed with our plan of reorganization
will allow CIT to continue to provide funding to our small business
and middle market customers, two sectors that remain vitally
important to the U.S. economy," said CIT (CIT, Fortune
500) chairman Jeffrey M. Peek.
In the bankruptcy filing, CIT said it had $71 billion in assets
and $64.9 billion in liabilities. Only Lehman Brothers, Washington
Mutual, Worldcom and General Motors had more in assets when
they filed for protection.
Full
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