CIT completes debt tender, buys time to restructure

CIT Group Inc (CIT.N) said on Monday it completed its tender offer for $1 billion in debt maturing today, buying the company more time to attempt to restructure its debt and stave off bankruptcy.

The company had said it may be forced into bankruptcy if it the tender was unsuccessful and it was unable to secure alternative financing.

Concerns over CIT's health have grown since the lender to small and medium-sized companies, which became a Fed-supervised bank holding company in December, failed to receive further government assistance under the FDIC's Temporary Liquidity Guarantee Program.

Read Full Article from Reuters

- Posted: 2009-08-17 11:24:38

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