PIMCO Left CIT (CIT) Bondholder Steering Committee
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According to various reports, bond king PIMCO left the CIT (NYSE: CIT) bondholder steering committee in late September.
CIT recently announced plans to restructure its capital structure, and launched an exchange offers for certain unsecured notes. CIT is also soliciting most bondholders and other holders of CIT debt to approve a prepackaged plan of reorganization so that the Company has the option to proceed with a voluntary bankruptcy filing.
PIMCO, Centerbridge Partners LP, Oaktree Capital Management, Baupost Group, Capital Research & Management Co and Silver Point Capital were all part of the bondholder steering committee.
It is unclear how this news will impact the result of the restructuring plan.
Shares of CIT are down 3.4% today to $1.13.
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+0.00Related Entities
- Silver Point Capital
- Pacific Investment Management Company, LLC (PIMCO)
- Baupost Group
- Seth Klarman
- Citi
- Bankruptcy
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