CIT Group files for chapter 11 bankruptcy
Well it officially happened on Sunday – CIT Group filed for chapter 11 in New York’s bankruptcy court in an apparent attempt to restructure it’s debt. CIT was pretty much forced into proceeding with the filing after a debt-exchange offer to bondholders failed. Along with the Leham Brothers, Washington Mutual and GM Motors this is one of the largest bankruptcy filings in US history. According to a recent Dallas News article, CIT’s bankruptcy filing shows $71 billion in finance and leasing assets against total debt of $64.9 billion.
However, while the image (above) may suggest otherwise, CIT group isn’t quite dead yet. A recen