Reeling CIT seeks government guarantee (Dealscape

Corporate lender CIT Group Inc. said Monday, July 13, it is in active discussions with regulators about gaining access to the Temporary Liquidity Guarantee Program and other measures that would improve its near-term liquidity.

The New York lender - which converted to a bank late last year to access $2.33 billion from the Treasury's Troubled Asset Relief Program - issued the statement after Bloomberg reported it is unlikely to be approved for TLGP backing. The news report said that the company has produced an internal document warning that its demise would put 760 manufacturers at risk and bring about a crisis for as many as 300,000 retailers.

This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence.

Dig deeper, with Pipeline.

375 in-depth reports of Bankruptcies in the Financial Services sector
191 in-depth reports of M&A deals in Regulation
28 company pages related to CIT
19 articles related to Temporary Liquidity Guarantee Program
10 years of news and analysis archives from the voice of The Deal Economy

Most searched keywords

Deutsche Bank
Skadden Arps
Pinnacle Foods
Concho Resources
Agrium Inc.
Birds Eye
Cantor Fitzgerald
Credit Suisse
Windstream Corp.
Goldman Sachs

Forward-looking intelligence allows you time to act. View this video on our restructuring content to see how you can benefit from our expertise.
NOT A SUBSCRIBER? Reeling CIT seeks government guarantee Posted on July 13, 2009 12:21 PM Corporate lender CIT Group Inc. said Monday, July 13, it is in active discussions with regulators about gaining access to the Temporary Liquidity Guarantee Program and other measures that would improve its near-term liquidity. The New York lender - which converted to a bank late last year to access $2.33 billion from the Treasury's Troubled Asset Relief Program - issued the statement after Bloomberg reported it is unlikely to be approved for TLGP backing. The news report said that the company has produced an internal document warning that its demise would put 760 manufacturers at risk and bring about a crisis for as many as 300,000 retailers. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 375 in-depth reports of Bankruptcies in the Financial Services sector 191 in-depth reports of M&A deals in Regulation 28 company pages related to CIT 19 articles related to Temporary Liquidity Guarantee Program 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Skadden Arps Pinnacle Foods Concho Resources Agrium Inc. Birds Eye Cantor Fitzgerald Credit Suisse Windstream Corp. Goldman Sachs		EXISTING USERS Username Password Forget your password? Missing a product?

Sales Contact Michael Crosby mcrosby@thedeal.com 212.313.9325	Media Contact Martha Brown mbrown@thedeal.com 212.313.9218
Signing in signifies that you agree to our terms and conditions. View our privacy policy.