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CIT Group Emerges from Chapter 11

Staff -- Gifts and Dec, 1/1/2010 12:00:00 AM

New York —

Industry lender CIT Group, which filed a prepackaged Chapter 11 bankruptcy reorganization plan last month, has emerged from Chapter 11 bankruptcy. CIT Group filed for protection in November in an effort to wipe away billions of dollars of debt after bondholders rejected an alternative debt-swap offer. In its Chapter 11 petition, the company listed $71 billion in assets and $64.9 billion in liabilities.

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CIT Group Emerges from Chapter 11

Dec 11, 2009

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