CIT to sell Home Lending business
Commercial finance company CIT Group Inc. said Tuesday it agreed to sell its Home Lending business to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities.
CIT Group, one of the largest small-business lenders in the United States, filed for bankruptcy Sunday with its board approving a ``prepackaged'' restructuring plan to shed 10 billion dollars in debt.