CIT lands $3 billion loan

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.

The arrangement should “ensure that its important base of small and middle market customers continues to have access to credit,” the company said.

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.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!