Skip to main content

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.
___
Information from: Altus Times , http://www.altustimes.com
LINKS:
What is Bankruptcy Protection?
Brief and Straightforward Guide: What is Bankruptcy Protection?
http://bankrepossession.blogspot.com/feeds/posts/default
Labels:

Comments

Post a Comment

Popular posts from this blog

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ?
Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ?Solutions :If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through.
Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity.Bank Repossesion Houses List DatabaseThese days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very rare they would but some mig…
3 comments
Read more

Fashion chain Lisa Ho in Australia in administration

Who is Lisa ho ?Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. WikipediaLisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week.Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors.Administrators appointed for fashion houseFinancial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets  and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly continue to trade.The Lisa Ho chain today comprises 10 flagship stores in Austr…
Post a Comment
Read more

Bank Mortgage Repo sales

What is Repo sales?Repo sales is a slang used around the internet and sometimes even  among real estate agents for  houses or assets repossessed by the banks or  other financial institutions.Most of the time it is Houses repossession or repo done by the bank. These sort of houses that get  taken over by the bank due to default in payments  and other financial difficulties borne by the person who took the loan are called repo houses . These houses either go under the hammer at some auction or then  is given to real estate agents to get rid off in the market.Bank mortgages often go into default  due to various reasons and the bank at this part of time  repossesses the house  and puts it back into the marketIf you are examining repossession properties for sale in Australia do so with caution and do so carefully.  There are many bargains to be bagged, but ensure that you are buying through a reputable auction house and that if you are unsure of anything at any step of the way, seek profes…
Post a Comment
Read more