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CIT names ex-Merrill CEO Thain as chairman, CEO
NEW YORK - CIT Group said Sunday it has chosen former Merrill Lynch CEO John Thain to lead the company as chairman and CEO as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year.
Activities:2009 CIT Group Crisis Source:(AP)
2010-02-07
CIT board approves restructuring plan: source
NEW YORK (Reuters) - CIT Group Inc's (CIT.N) board approved a restructuring plan on Thursday, clearing the way for the commercial lender to launch a large debt exchange offer or to file for prepackaged bankruptcy if that failed, a person knowledgeable about the matter said.
Activities:2009 CIT Group Crisis Source:(Reuters)
2009-10-01
John Paulson mulls CIT and IndyMac merger: report
(Reuters) - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group (CIT.N) with failed mortgage lender IndyMac Federal Bank (IDMCQ.PK), the New York Post said, citing people familiar with the matter.
Nations:India Activities:2009 CIT Group Crisis Source:(Reuters)
2009-09-29
CIT Group wraps debt purchase, dodges bankruptcy
NEW YORK - Commercial lender CIT Group Inc. said Monday its offer to repurchase outstanding debt at a discount -- a crucial step to help stave off bankruptcy -- was successful.
Activities:2009 CIT Group Crisis Source:(AP)
2009-08-17
Where Bailout Money Goes to Die
When CIT Group, a medium-sized lender, faced the threat of bankruptcy recently, it raised an uncomfortable prospect for the officials in Washington managing the bailout of the financial system. CIT got $2.3 billion in bailout funds last year--yet it was still failing. And the government decided not to offer any more help. So if CIT declared bankruptcy, taxpayers would be out their $2.3 billion.
Nations:U.S. People:Vikram Pandit Ben Bernanke Activities:2009 CIT Group Crisis Obama Stimulus Package
2009-07-28
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