I have some of their dec 2010 bonds, bot at ~average of 60 cents on the dollar. The prepack promises 70 cents of new debt + equity. If by some miracle the exchange passes they offer 85 cents new debt + equity. I may just flip them -depends on their story once this thing blows over. CIT’s gotta find a way to get cheaper long term funding but new CEO and new board at least gives them hope. Oh, and they gotta find a way to get out from under Icahn.
