CIT lands $3 billion loan
July 21, 2009,
New York – In a relief for many in the industry, mega factor CIT today announced a group of its major bondholders has extended a $3 billion loan. The company plans to restructure its liabilities to create additional liquidity and improve its capital position.
Of the loan, $2 billion is available for immediate use, and the final billion is expected to be available within 10 days, according to CIT.
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