Barclays In Talks To Save CIT

CIT bailout

Embattled lender CIT is in talks for financing from Citigroup  and Barclays Capital, Bloomberg says.

Last night it came out that the company was close to handing control over to bondholders or declaring Chapter 11.

A source tells us that as Barclays was the documentation agent for the July $2.1 billion loan that Bank of America and Citigroup arranged “it is reasonable to think that they’re in talks with CIT, but the situation is fluid.” 

A Barclays spokesman declined to comment. Citi and CIT spokespeople were not available.

 

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