What is the market telling CIT this morning? The price of its $1 billion floating-rate notes due August 17 fell to 79.5 cents this morning, the WSJ reported, below the 82.5 CIT said it's willing to pay during the tender offer.
The tender offer is make or break, CIT has said.
Is prepackaged bankruptcy the best course, as investment firm Houlihan Lokey apparently wants? What about smaller bondholders? Are they really willing to take it on the chin?