CNBC Faber - CIT Looks Set to File for Bankruptcy

Discussion in 'Wall St. News' started by Cdntrader, Jul 15, 2009.

  1. CIT Looks Set to File for Bankruptcy
    Published: Wednesday, 15 Jul 2009 | 10:33 PM ET Text Size
    By: David Faber
    CNBC Anchor and Reporter
    I can report that CIT is likely to file bankruptcy tomorrow, though the situation remains fluid, according to a source close to the company.

    The company has been taken by surprise at the failure of talks with its regulators to craft a solution over the last three weeks and is now pursuing a plan that is likely to include a chapter 11 filing on Friday.

    CIT [CIT 1.64 0.03 (+1.86%) ] is a lender to hundreds of thousands of small and mid-sized U.S. businesses, said on Wednesday that bailout talks with the government had ended, a development that could ultimately drive the company into bankruptcy.

    CIT Talks Fall Apart, Bankruptcy Filing Likely Friday
    The news follows last-ditch talks in which Treasury officials had expressed concern about a worsening liquidity crunch at the 101-year old lender and indications that government aid would not put it on a path to recovery.
  2. And I have a phone interview for a CIT financial analyst position set up tomorrow at 1:30.

    Just great.