CIT To Strike Deal With Bondholders?
CIT Group's board reached an agreement with bondholders on Sunday night for $3 billion in rescue financing. The liquidity facility carries a 2.5 year term and portions will be available immediately. The funds should help the company stave off a chapter 11 bankruptcy filing at least in the short-term, according to sources familiar with the talks. CIT is also planning a cash tender offer for outstanding senior notes in August as part of a broader recapitalization plan.
