Us lender CIT Group files for bankruptcy
The 101-year-old lender CIT Group has gone out of business and is filing for bankruptcy, with its board approving a ``prepackaged'' restructuring plan to shed $10 billion in debt.
NEW YORK CIT Group Inc., a major lender to small and midsize businesses that struggled under mounting losses and tight credit availability, amended its debt restructuring offer to enlist more bondholder support for the plan.