CIT Group (CIT) Delays 10-Q, But Said Bondholders Won't Seek Bankruptcy
Embattled lender CIT Group (NYSE: CIT) filed to delay their 10-Q, but said bondholders do not intend to for the Company to seek relief under the U.S. Bankruptcy Code.
From the filing: Company and a Steering Committee of the bond holder lending group do not intend for the Company to seek relief under the U.S. Bankruptcy Code, but rather will pursue restructuring efforts as part of the comprehensive restructuring plan to enhance the Company’s liquidity and capital position. If the pending tender offer is not successfully completed, and the Company is unable to obtain alternative financing, an event of default under the provisions of the Credit Facility would result and the Company could seek relief under the U.S. Bankruptcy Code.
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