CIT Makes Last-Minute Survival Bid

CIT bailout

CIT (CIT) isn’t quite ready to just file for bankruptcy. CNBC’s David Faber reported that the bailout-denied firm is still talking to private lenders about raising $2-$3 billion in secured debt. It would likely involve permission from regulators to move assets, around — and we wouldn’t be totally shocked if, in the event that private lenders ponied up significant cash, the government stepped in with their own additional bridge loan. We could see it happening.

The stock is off about 75%

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