Lender CIT files for bankruptcy

CIT Group Inc. filed for bankruptcy protection Sunday after its board of directors approved of a plan to reorganize the giant small business lender.

The plan has also been approved by CIT's creditors.

"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," CEO Jeffrey M. Peek said in a statement.

The company said its operating subsidiaries, including CIT Bank, weren't part of the filing and are expected to continue operating.

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- Posted: 2009-11-02 10:59:19

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