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On July 15, 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected. On July 19, 2009, the company received $3 billion from its bondholders including Pacific Investment Management Company (PIMCO) to delay bankruptcy. On November 1, 2009, CIT filed a prepackaged bankruptcy under Chapter 11.
With today's CIT Group (CIT) bankruptcy filing, the U.S. will lose $2.3 billion in TARP money, but with $71 billion in assets, CIT will keep operating and global panic will not follow.
Small-business lender CIT Group Inc. has filed for Chapter 11 bankruptcy in the fifth-largest corporate bankruptcy in U.S. history. The beleaguered company, which had its roots in basic, no-frills ...
CIT Group (CIT), the troubled commercial lender, may be forced into bankruptcy if it can't complete a proposed deal to buy back $1 billion in debt from bondholders at a discount, it said today. A ...
Citicorp (1812–1985) Citibank, (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $2 million (~$43.4 million in 2023) of capital. [12] [13] Serving a group of New York merchants, the bank opened for business on September 14 of that year, [citation needed] and Samuel Osgood was elected as the first ...
CIT Group (CIT), which lost $3 billion in the last eight quarters, is expected to announce a $1.5 billion loss for the second quarter today. Few expect CIT to be able to avoid bankruptcy.
Circuit City Corporation, Inc., formerly Circuit City Stores, Inc., was an American consumer electronics retail company, which was founded in 1949 by Samuel Wurtzel as the Wards Company, operated stores across the United States, and pioneered the electronics superstore format in the 1970s. [2] [3] After multiple purchases and a successful run ...
After rumors were publicized Tuesday in The New York Post that CIT's (CIT) creditors, including John Paulson & Co, were considering a merger of CIT into IndyMac, its stock shot up on the hope that ...