Icahn offers to buy out smaller CIT noteholders (Dealscape

Carl Icahn has offered to buy debt from CIT Group Inc.'s "smaller" bondholders if they join his bid to block the troubled lenders' prepackaged bankruptcy plan and debt exchange plan.

Claiming the largest holding of the lender's debt, Icahn said if CIT's prepack or comprehensive debt exchange plan fails and the company falls into a full-fledged bankruptcy, he will launch a 30-day tender offer in which smaller debt holders can have a put option to sell bonds to him at 60% of par, according to a Tuesday open letter to CIT's "smaller holders."

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NOT A SUBSCRIBER? Icahn offers to buy out smaller CIT noteholders Posted on October 27, 2009 5:32 PM Carl Icahn has offered to buy debt from CIT Group Inc.'s "smaller" bondholders if they join his bid to block the troubled lenders' prepackaged bankruptcy plan and debt exchange plan. Claiming the largest holding of the lender's debt, Icahn said if CIT's prepack or comprehensive debt exchange plan fails and the company falls into a full-fledged bankruptcy, he will launch a 30-day tender offer in which smaller debt holders can have a put option to sell bonds to him at 60% of par, according to a Tuesday open letter to CIT's "smaller holders." 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. 482 in-depth reports of Bankruptcies in the Financial Services sector 52 in-depth transaction records for CIT Group 51 in-depth reports of Reorganization plans in the Financial Services sector 19 in-depth transaction records for Carl Icahn 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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