< Back to previous page

CIT eyes bankruptcy protection exit

Published on 9 Dec 2009 under category: legal

The CIT Group could be about to come out of bankruptcy protection after making changes to its business operations.

US authorities have given the lender's restructuring plan the green light, meaning that an exit from court supervision as early as tomorrow (December 10th).

The firm's pre-packaged reorganisation plan was approved by the US Bankruptcy Court for the Southern District of New York.

Jeffery Peak, chairman of the company, said that this decision means that CIT will have a "strong foundation for the future".

He commented: "Our board of directors and management team now have the time and flexibility to execute the balance of CIT's restructuring strategy, including maximising the value of its existing assets and optimising the business model."

Mr Peak also said that the firm's reorganisation plan had received "overwhelming support".

The CIT Group is a bank holding company which operates in 50 countries across 30 industries and has billions of dollars of leasing assets and finance.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.