CIT Group again amends debt exchange offer
October 26, 2009,
New York — Troubled lender CIT Group again amended its offer last week for a debt exchange to gain support for its restructuring plan in an effort to fend off bankruptcy.
Two weeks ago, CIT had upped its offer on Series B notes to 9% from 7% to entice more support from holders of its bonds.
Also last week, investor Carl Icahn, who has said he is the largest holder of CIT debt, offered to loan CIT Group $6 billion in place of the debt restructuring plan proposed by the lender.
Icahn Enterprises, one of Icahn’s ventures, owns home textiles supplier and manufacturer West Point Home.