CIT (CIT) Files Prepackaged Bankruptcy Plan
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- CIT (CIT) Files Prepackaged Bankruptcy Plan
As expected, over the weekend, CIT Group Inc. (NYSE: CIT) announced that, with the overwhelming support of its debtholders, the Board of Directors voted to proceed with the prepackaged bankruptcy plan.
None of CIT's operating subsidiaries, including CIT Bank, will be included in the filings. As a result, all operating entities are expected to continue normal operations during the pendency of the cases.
Approximately 85% of the Company's eligible debt participated in the solicitation, and nearly 90% of those participating supported the prepackaged plan of reorganization.
Due to the overwhelming and broad support from its debtholders, the Company is asking the Court for a quick confirmation of the approved prepackaged plan.
Under the proposed prepackaged plan of reorganization, all existing common and preferred stock will be cancelled upon emergence.
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