CIT's Swoon Hits Taxpayers ($2.3 Billion to be lost)
The $2.3 billion in taxpayer money spent to save CIT Group Inc. is likely to be wiped out, as the lender prepares to file for bankruptcy protection in a high-stakes restructuring plan aimed at keeping the firm in business. People familiar with the plan said CIT, a major lender to small businesses, intends to file for bankruptcy-court protection in New York within days, perhaps as early as Sunday or Monday. Financial firms such as CIT have historically been sold off or wound down after a Chapter 11 filing, for fear that customers will draw down lending lines and cause a...
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Tags: Bankruptcy Court, Bankruptcy Protection, Chapter 11, Cit Group, Cit Group Inc, Fear, File Bankruptcy, File For Bankruptcy, Lost, Restructuring, Small Businesses, Swoon, Taxpayer Money, Taxpayers, X27