CIT Group’s board approved a restructuring plan on Thursday, clearing the way for the troubled US commercial lender to launch a large debt exchange offer or file for prepackaged bankruptcy, reports Reuters. CIT later said it had started the restructuring plan but may choose to file for Chapter 11 bankruptcy protection if it fails to meet the target of the exchange, adds Bloomberg. The FT meanwhile says that one key to whether creditors – who hold $30bn of CIT’s debt – accept the exchange offer depends on their holdings of credit default swaps, in effect, their credit insurance.