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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 BANKRUPTCY

CIT 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 billion in finance and leasing assets against total debt of $us 64.9 Billion.

WHAT DOES CIT DO ?

CIT is the financier for about 2000 vendors that supply merchandise to more than 300,000 stores , many gearing up for the  holiday Christmas shopping season.I suppose it will be a bleak Christmas season for some in the US.
WONDER WHO WILL BE THE NEXT TO FALL IN THE USA
Quartz Mountain Aerospace has filed for bankruptcy protection, listing $30.4 million in assets and $16 million in liabilities.
The former Luscombe Aircraft Company made its filing in federal court in Oklahoma City.
The company said it wants to liquidate assets to pay off creditors including local banks, the City of Altus, the Oklahoma Industrial Finance Authority and the Oklahoma Tax Commission.
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Information from: Altus Times , http://www.altustimes.com
LINKS:
What is Bankruptcy Protection?
Brief and Straightforward Guide: What is Bankruptcy Protection?
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