CIT cleared to draw from postpetition letter of credit (Dealscape

CIT Group Inc. kicked off what it hopes to be a short bankruptcy by winning court approval to access $150 million of a $500 million postpetition loan to fund letters of credit from Bank of America NA.

Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the the New York financier's debtor-in-possession loan in a Tuesday interim order. The judge will convene a Nov. 23 final hearing to approve the facility.

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493 in-depth reports of Bankruptcies in the Financial Services sector
197 articles related to Allan Gropper
53 in-depth transaction records for CIT Group
18 company pages related to Bank of America
10 years of news and analysis archives from the voice of The Deal Economy

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NOT A SUBSCRIBER? CIT cleared to draw from postpetition letter of credit Posted on November 4, 2009 5:31 PM CIT Group Inc. kicked off what it hopes to be a short bankruptcy by winning court approval to access $150 million of a $500 million postpetition loan to fund letters of credit from Bank of America NA. Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the the New York financier's debtor-in-possession loan in a Tuesday interim order. The judge will convene a Nov. 23 final hearing to approve the facility. 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. 493 in-depth reports of Bankruptcies in the Financial Services sector 197 articles related to Allan Gropper 53 in-depth transaction records for CIT Group 18 company pages related to Bank of America 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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