US lending giant CIT files for bankruptcy protection

Struggling US lender CIT Group filed for bankruptcy protection in an attempt to restructure its debt while trying to keep badly-needed loans flowing to thousands of mid-sized and small businesses.

US lending giant CIT files for bankruptcy protection
Mon, 02 Nov, 2009 - 07:40

Struggling US lender CIT Group filed for bankruptcy protection in an attempt to restructure its debt while trying to keep badly-needed loans flowing to thousands of mid-sized and small businesses.

The company filed in New York bankruptcy court after a debt-exchange offer to bondholders failed.

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