CIT Group, the stricken US commercial lender, on Wednesday said it had received a $4.5bn loan from a “diverse group” of lenders and had turned down a competing offer from Carl Icahn, the activist investor. The lenders include some of the bondholders that this year provided CIT with $3bn of rescue funding. CIT has until midnight Thursday to obtain votes from its bondholders for a debt exchange or to obtain approval for a prepackaged bankruptcy filing.

This entry was posted by Gwen Robinson on Thursday, October 29th, 2009 at 4:51 and is filed under Capital markets. Tagged with CIT. Edit this entry.