Cit Group clears hurdle in restructuring effort
CIT Group Inc. on Monday cleared another hurdle in its restructuring effort as it attempts to avoid bankruptcy protection, saying it has received enough offers to complete a debt repurchase program.
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.