CIT Is Denied Gov’t. Bailout

Posted by Orb Staff on July 16, 2009 No Comments
Categories : Commercial Mortgage

oup Inc. said in a statement Wednesday that it has been advised that there is ‘no appreciable likelihood of additional government support being provided over the near term.’ CIT's board of directors and management, in consultation with its advisors, are evaluating alternatives, the company says. The bank holding company faces $1 billion of debt maturing in August, the [link=http://www.ft.com/cms/s/0/1cefff8c-7198-11de-a821-00144feabdc0.html?nclick_check=1][u]Financial Times[/u][/link] reports. The company, a middle-market lender that operates across 30 industries, has lent more than $60 billion to manufacturing clients and retailers. SOURCES: CIT, Financial

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