CIT Group, the troubled US commercial lender, on Sunday filed for bankruptcy after attempts at a restructuring or bail-out failed. In a statement, CIT said it had asked the bankruptcy court to quickly confirm its prepackaged bankruptcy plan, which has broad support from its debtholders and on Friday received backing from Carl Icahn, the billionaire investor. Icahn has agreed to provide a $1bn line of credit. CIT  said it would aim to emerge from bankruptcy by year-end.

This entry was posted by Gwen Robinson on Monday, November 2nd, 2009 at 4:59 and is filed under Capital markets, People. Tagged with carl icahn, CIT. Edit this entry.