Report: CIT Nears Bankruptcy, CEO to Resign

[CardiffBaseball]

Well since Citi just rate jacked to 29.99 on two cards (with a chance to opt out by killing the cards) I won’t be shedding tears.

[outtamojo]

CIT group ticker “CIT” is not the same as ticker symbol “C”, Citigroup. It’s about time they got rid of CIT CEO and board also. CIT bonds look like a decent bet imo.

[outtamojo]

CIT group ticker “CIT” is not the same as ticker symbol “C”, Citigroup. It’s about time they got rid of CIT CEO and board also. CIT bonds look like a decent bet imo.

[outtamojo]

CIT group ticker “CIT” is not the same as ticker symbol “C”, Citigroup. It’s about time they got rid of CIT CEO and board also. CIT bonds look like a decent bet imo.

[outtamojo]

CIT group ticker “CIT” is not the same as ticker symbol “C”, Citigroup. It’s about time they got rid of CIT CEO and board also. CIT bonds look like a decent bet imo.

[outtamojo]

CIT group ticker “CIT” is not the same as ticker symbol “C”, Citigroup. It’s about time they got rid of CIT CEO and board also. CIT bonds look like a decent bet imo.

[Arraya]

This is gonna hurt middle america, Goldman Sachs, not so much

http://www.calculatedriskblog.com/2009/10/report-cit-to-file-bankruptcy-on-sunday.html

As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court. …

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11 …

[Arraya]

This is gonna hurt middle america, Goldman Sachs, not so much

http://www.calculatedriskblog.com/2009/10/report-cit-to-file-bankruptcy-on-sunday.html

As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court. …

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11 …

[Arraya]

This is gonna hurt middle america, Goldman Sachs, not so much

http://www.calculatedriskblog.com/2009/10/report-cit-to-file-bankruptcy-on-sunday.html

As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court. …

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11 …

[Arraya]

This is gonna hurt middle america, Goldman Sachs, not so much

http://www.calculatedriskblog.com/2009/10/report-cit-to-file-bankruptcy-on-sunday.html

As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court. …

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11 …

[Arraya]

This is gonna hurt middle america, Goldman Sachs, not so much

http://www.calculatedriskblog.com/2009/10/report-cit-to-file-bankruptcy-on-sunday.html

As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court. …

The company plans to file for bankruptcy in New York as soon as Sunday night or early Monday, said people familiar with the matter. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11 …

[davelj]

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.

[davelj]

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.

[davelj]

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.

[davelj]

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.

[Author]

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