Jeffrey Peek submitted his resignation on Tuesday as chief executive of CIT Group as the troubled US commercial lender struggled to gain support from bondholders for its debt exchange plan. If CIT fails to win support for the  plan – aimed at eliminating at least $5.7bn of its $30bn debt – it will automatically switch to a prepackaged chapter 11 bankruptcy filing. Bondholders are due to vote on the exchange offer and the bankruptcy proposal by the end of the month.

This entry was posted by Gwen Robinson on Wednesday, October 14th, 2009 at 4:34 and is filed under Capital markets, People. Tagged with CIT. Edit this entry.