Wilmington Trust Not a CIT Group Inc. Creditor
More News related to WL
- Wilmington Trust Adds Management Professionals in Wealth Advisory Services Business
- Wilmington Trust Expands Global Focus in Corporate Client Services Business
- Wilmington Trust Not a CIT Group Inc. Creditor
- Wilmington Trust, as Successor Trustee, Appointed to Unsecured Creditors' Committee in Capmark Financial Group Bankruptcy Case
- Wilmington Trust Wealth Advisory Services Adds Family Office Professional
No Credit Exposure Involved in Trustee Role
WILMINGTON, Del.--(BUSINESS WIRE)-- Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, said today that it is serving as trustee for certain equipment financing transactions involving CIT Group Inc. (CIT), which filed for Chapter 11 protection on Sunday, November 1, 2009 in the United States Bankruptcy Court, Southern District of New York.
News reports may have led some observers to believe that Wilmington Trust has loaned money to CIT Group. In fact, Wilmington Trust is not a creditor of CIT Group. Wilmington Trust serves as indenture trustee, transfer agent, registrar, and paying agent in various equipment financing transactions involving CIT. Wilmington Trust is paid a fee for these providing these trustee services. CIT's bankruptcy has no effect on Wilmington Trust's balance sheet, credit quality, or financial condition.
Wilmington Trust's CCS business offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital market financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. Because Wilmington Trust does not underwrite securities offerings or provide investment banking services, it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Source: Wilmington Trust Corporation
Related Categories
Press ReleasesStocks Mentioned
-0.46Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
