CIT Group (CIT) Slammed On Reports Bondholders To Take Control

According to reports from Reuters, CIT Group Inc (NYSE: CIT) is near a plan to turn itself over to its bondholders, citing sources familiar with the matter.

CIT is preparing an exchange offer that would eliminate up to 40% of its more than $30 billion in outstanding debt. The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a restructured company, one source said.

The news has shares CIT under heavy pressure today. Down 34% at last check.

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