CNBC's Faber Confirms CIT (CIT) Working On Exchange Offer With Bondholders That Could Wipe-out Old Common Holders
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CNBC's David Faber confirms that CIT Group (NYSE: CIT) is working with bondholders on an exchange offer that would effectively give them control over all the equity in a restructured company. Current common shareholders could be entirely wiped-out. An alternative is a prepackaged bankruptcy. A decision is expected by late Thursday or early Friday.
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