CIT Group (CIT) Resumes Trading on NYSE After Emerging from Bankruptcy

CIT Group Inc. (NYSE: CIT) has emerged from bankruptcy and resumed trading on the NYSE, under the symbol "CIT" on the NYSE. Shares last traded at $27.62.

The bankruptcy and restructuring plan reduced CIT's total debt by approximately $10.5 billion while deferring debt maturities for three years and also enhances capital ratios to levels that exceed regulatory requirements.

Prior common and preferred stock, along with all non-reinstated debt, were cancelled and new debt and equity securities created.

CIT issued 200 million shares of new Common Stock to eligible debt holders in exchange for their claims against the debtors.

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