CIT Group
Company
Business news in brief...up to November in a possible move to quiet uncertainty about the direction of government policy. - AP Interest expressed in buying Saab CIT Group Inc., the bankrupt commercial lender, filed an amended reorganization that calls for... In this article: Gamesa, Sunoco, CIT Group Inc., RBS, Philadelphia, U.S. Bankruptcy Court, Legal age, Risk management, and Bankruptcy |
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Reuters | November 20, 2009
UPDATE 1-CIT Group CDS settle at 68.12 pct in auction
Adds details, background) Sellers of protection on CIT Group Inc's <CITGQ.PK> bonds will need to pay buyers 31.88 percent of the insurance they sold, after an auction was held on Friday to set a value for the company's credit default...
In this article: Bankruptcy
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Reuters | November 19, 2009
UPDATE 2-CIT Group bankruptcy plan wins wide support
...from bankruptcy this year * Shares of CIT fall (Adds comment, bylines, updated share price) By Jonathan Stempel and Walden Siew CIT Group Inc <CITGQ.PK> has won overwhelming bondholder support for its reorganization plan, a critical step...
In this article: Bankruptcy, New York, U.S., and U.S. Bankruptcy Court
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Reuters | November 19, 2009
CIT Group says bankruptcy plan wins wide support
...$64.07 billion of liabilities. CIT shares fell 0.4 cents to 19.6 cents in morning trading on the Pink Sheets. The case is In re CIT Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-16565. Reporting by Jonathan...
In this article: Bankruptcy, New York, U.S., and U.S. Bankruptcy Court
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Reuters | November 18, 2009
US CREDIT-Strong bank bid could squeeze CIT's CDS auction
By Karen Brettell NEW YORK, Nov 18 (Reuters) - An auction to settle credit default swaps on CIT Group <CITGQ.PK> is likely to be the largest the market has faced so far, and trading by banks with exposures to CIT's swaps could potentially...
In this article: Barclays, Standard & Poor's, Small business, Bankruptcy, NEW YORK, and U.S.
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AP Online | November 17, 2009
CIT Group says 3Q loss widened to $1.07 billion
NEW YORK (AP) - Commercial lender CIT Group Inc. provided a further glimpse into its troubled finances, saying it lost $1.07 billion during the third quarter as customers jumped ship and it tried unsuccessfully to avoid filing for...
In this article: CIT Group Inc., Balance sheet, NEW YORK, Cash flow, Revenue, Recession, Small business, and Bankruptcy
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USATODAY.com | November 17, 2009
CIT Group says third-quarter loss widened to $1.07 billion
By Stephen Bernard, AP Business Writer NEW YORK Commercial lender CIT Group says it lost $1.07 billion during the third quarter as its cash crunch worsened ahead of filing for bankruptcy protection earlier this month. One of the...
In this article: All rights reserved, Revenue, Recession, Small business, USA Today, New York, and Associated Press
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washingtonpost.com | November 16, 2009
CIT has $1.07 billion loss before bankruptcy
...could be wiped out. CIT shares closed Monday up two-tenths of a cent at 21.2 cents on the Pink Sheets. The bankruptcy case is In re CIT Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-16565. Reporting by...
In this article: CIT Group Inc, Bankruptcy, NEW YORK, U.S. Bankruptcy Court, Troubled Asset Relief Program, U.S. Securities and Exchange Commission, and U.S.
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washingtonpost.com | November 15, 2009
CIT's bankruptcy raises new questions about bailout
...system was tottering and government officials arranged a $2.3 billion emergency cash infusion into CIT Group, a troubled lender to small businesses. Today, CIT is in bankruptcy court, and the taxpayers' investment is on the brink of...
In this article: Bankruptcy, The Fed, Troubled Assets Relief Program, Treasury Department, On the merits, General Motors, and American International Group
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Description from Wikipedia:
CIT Group, Inc. is a large commercial and consumer finance company, founded in 1908. The company is included in the Fortune 500 and is a part of the S&P 500 Index, and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. The company does business with more than 80% of the Fortune 1000, and lends to a million small and medium businesses. The company has its headquarters in New York City, and employs more than 7,300 people in locations throughout North America, Europe, Latin America, and Asia Pacific. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust.
In 2008, CIT Group became a bank holding company in order to receive $2.3 billion in TARP funds. On July 15, 2009, CIT announced that it believed it was unlikely that it would receive further funding from the federal government.
- Name:
- CIT Group, Inc.
- Type:
- Public NYSE: CIT
- Location:
- United States
- Founder:
- Henry Ittleson
- Founded:
- 1908
- Stock Symbol:
- CIT
- Industry:
- Finance company
- Key People:
- Jeffrey M. Peek (Chairman, CEO)
- Revenue:
- US$ 8.6 billion (2007)
- Operating Income:
- US$ 272 million (2007)
- Net Income:
- US$ 81 million (2007)
- Assets:
- US$ 90.2 billion (2007)
- Equity:
- US$ 7.0 billion (2007)
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