CIT Group Inc. (NYSE:CIT)
announced Sunday that it has filed for Chapter 11 bankruptcy protection.
"With the overwhelming support of its debtholders, the Board of Directors voted to proceed with the prepackaged plan of reorganization for CIT Group Inc. and a subsidiary that will restructure the Company's debt and streamline its capital structure," says the statement from CIT.
The Chapter 11 filing is one of the biggest in U.S. corporate history, following Lehman Brothers Holdings Inc., Washington Mutual Inc., WorldCom and General Motors Corp., points out The Associated Press. CIT's bankruptcy filing shows $71 billion in finance and leasing assets against total debt of $64.9 billion, says AP.
To hear more about how the CIT bankruptcy will affect middle-market lending, watch The Deal's video with Marshall Heinberg, the head of investment banking at Oppenheimer & Co., below. - Mary Kathleen Flynn
