CIT files for bankruptcy
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.
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.