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Should CIT just get on with it? (1 viewing) (1) Guest
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TOPIC: Should CIT just get on with it?
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Re:Should CIT just get on with it? 3 Years, 6 Months ago
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At long last CIT Group filed for Chapter 11 protection on Sunday. It is one of the biggest in U.S. corporate history, following Lehman Brothers, Washington Mutual, WorldCom and General Motors.
CIT's move will wipe out current holders of its common and preferred stock. That means the U.S. government will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the company.
The company had received $5.4 billion in credit from its own lenders and bondholers last week, reportedly made a deal with Goldman Scahs to lower debt payments, and negotiated a $1 billion line of credit from Carl Icahn.
Analysts have warned that the bankruptcycould add to the uncertainty around loans for the nation's small busineses, especially retailers, which is a large chunk of CIT's clients.
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Re:Should CIT just get on with it? 3 Years, 6 Months ago
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When it comes to customer retention, I guess it's a matter of how transparent CIT is, how good their loan officers are in keeping lines of communication open, and how fast they can actually emerge from Chapter 11. Will be an interesting few months. What do you think the key success factors are, to employ annoying consultant-speak?
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