CIT Group files for bankruptcy protection
After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 bankruptcy protection in an effort to restructure its debt while trying to keep loans flowing to thousands of the nation's mid-size and small businesses.
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.