CIT Group receives $1 billion loan from Icahn
Filed under: Company News, CIT Group
Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company’s restructuring plan amid reports CIT may soon file for bankruptcy protection.
Icahn also agreed to provide CIT with a $1 billion line of credit.
Icahn has been an outspoken critic in recent weeks of New York-based CIT Group’s plan to restructure its debt in an effort to avoid collapse. CIT, one of the largest lenders to small and midsize businesses, has been trying to reduce its near-term debt burden by $5.7 billion.
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CIT Group receives $1 billion loan from Icahn originally appeared on DailyFinance on Fri, 30 Oct 2009 18:20:00 EST. Please see our terms for use of feeds.
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