CIT Group Files For Bankruptcy
Nov 05, 09
CIT Group filed for bankruptcy under a pre-packaged deal that will allow the company to file for Chapter 11 yet emerge from court protection after a year. This will be the largest company since Lehmann Brothers to file for bankruptcy. In addition to CIT, dozens of banks have gone under this year, casualties of a bloody, ongoing recession.
CIT Group is a bank holding company and a commercial lender. This company has its hands in a diverse number of pots. It held $71 billion in assets and another $65 billion in liabilities. This bankruptcy comes as no surprise to many on Wall Street. Although this has had a negative impact on Wall Street, it will not have as big an impact as the other collapses did.
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