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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.
CIT Group (CIT) shareholders have had a wild ride for the last five months. They've had to deal with concerns about bankruptcy, threats from its bondholders and plans for the firm's future as the ...
List of banks acquired or bankrupted during the Great Recession. This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 2007–2009. The list includes banks (including savings and loan associations, commercial banks and investment banks ), building societies and insurance ...