US small business lender CIT Group on Tuesday won approval from a New York bankruptcy judge for its prepackaged reorganisation plan, paving the way for it to exit bankruptcy within days, reports Reuters. At a court hearing in Manhattan on Tuesday, just weeks after the company sought bankruptcy protection, Judge Allan Groper said it would not do CIT “any good” to stay in bankruptcy any longer than necessary. CIT, which filed one of the five largest US bankruptcies on Nov 1, after the failure of its debt exchange offer, said it expects to emerge from bankruptcy on Dec 10.

This entry was posted by Gwen Robinson on Wednesday, December 9th, 2009 at 4:52 and is filed under Capital markets. Tagged with CIT. Edit this entry.