Breaking News * CIT cuts deal with key bondholders for $3 billion in financing. CIT will avoid bankruptcy, restructure outside court. Just right on time...
Just saw it on the WSJ internet site. Bloomberg TV not reporting it yet. Added this not to take up more space: I am newer to this whole catastrophic bail out thing, but in the 80's and 90's did the big emergency deals always get done over the weekend? Seems like it has been par for the course since this bear market commenced. Thanks.
This ought to be a lesson. They threatened and pressured the government for bailout money. 48 hours later, when they weren't bailed out, a solution suddenly becomes available.
(.....The Three Stooges.......drill holes in the bottom of the boat so the water can drain out........)
Just a matter of the velocity of how billions are burned. But don´t worry, as long as Dr. Bernanke´s emergency room exists :
Just in time as always. This is an ultimate green shoot going forward. Everything is back to normal even though they should have let this company Fail. I'm sure $3 billion isn't going to last them and that they will be coming back for more.
10.5% over LIBOR are you f**king kidding me? How the hell can they pay 10.5% when they can't even pay 1%?? And these are secured financing? Holy mother of Jesus whoever's financing this is getting a sweet ass deal. Time to short the dumb-retail-induced "rally" if any.