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Showing posts from November, 2009

CIT in Bankruptcy

After  the general motors bankruptcy , CIT bankruptcy protection is the next biggest event  In the bankruptcy News  after it filed for Bankruptcy protection on NOV 1 2009.
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.
CIT FILES FOR BANKRUPOTCY PROTECTION AT 71 Billion its going to affect a lott of people if it goes through to bankruptcy. THE US GOVT will stand to lose about  $us 2.3 Billion if  CIT collapses. It invested this amount  last year to save it from collapsing.

AVERT BANKRUPTCYCIT Does a chapter 11 Filing in the US Cit filed for Bankruptcy protection in New york after it failed  a debt exchange offer to shareholders.  This bankruptcy protection filing is one of  the biggest after the lehman brothers , washington mutual , Worldcom and general motors .
CIT’s bankruptcy filings show $US 71 bi…