Zero Hedge How many times can one of the world's worst-managed and toxic-laden companies be on the verge of bankruptcy? As long as Obama is president, one.
CIT is preparing a sweeping exchange offer that would eliminate 30% to 40% of its more than $30 billion in outstanding debt The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a
CIT Group, the troubled lender that is reportedly in talks with its creditors over a restructuring plan, is considering an offer of financing from Citigroup and Barclays, Bloomberg News said.
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