CIT Urges Plan Approval to Avoid Losses

The CIT Group, which is the middle-market lender that has struggled under the weight of the financial crisis, has unveiled a management-sponsored restructuring plan and has strongly urged investors to get behind the plan. In fact, CIT has told its investors that passing the plan is the only way to avoid losses of 63 to 94 cents for every $1 invested.
According to its restructuring presentation, CIT will have to resort to bankruptcy unless this specific plan is not passed, a situation that would involve great losses for the CIT investor and sacrifice control of the changes. The plan would involve …read more