CIT Group (CIT) Surges On Bondholders Rescue Plan; To Avoid Bankruptcy

Shares of CIT Group, Inc. (NYSE: CIT) continue to bounce higher on reports the embattled lender has reached an agreement to secure $3 billion in last-minute financing from bondholders in deal which would allow the company to avoid bankruptcy.

Today's news follows last week's announcement that the Federal government decided against bailing out the small and middle-market lender.

Shares of CIT are up 83% this AM to $1.28. Last week, shares of CIT traded as low as $0.31 per share as bankruptcy at that point seemed imminent.

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