So, a pre-packaged bankruptcy where the bondholders take a 30% haircut. I believe CIT was levered about 10-1, so they’re going to recapitalize this pig under the assumption that the assets are worth roughly 60% of par. From 40,000 feet, that sounds about right. This BK actually makes sense and, if this is the case, the disruption to all of these small businesses will be minimal.
