CIT Provides Update on Restructuring Plan
Tabulation of Bondholder Votes Ongoing
NEW YORK--(BUSINESS WIRE)-- CIT Group Inc.(NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that the exchange offers and solicitation for certain of the Company's outstanding series of notes, excluding those maturing after 2018 and those issued by CIT Group Funding Company of Delaware, expired at 11:59 p.m.New York City time on Thursday, October 29, 2009.
Financial Balloting Group, its tabulation agent, has begun tabulating the votes recorded on the more than 150,000 ballots that were distributed to bondholders and other holders of debt related to the Company's proposed restructuring plan. Once the votes have been tabulated, CIT's Board of Directors will determine the appropriate next step for the Company.
On October 1, 2009, CIT commenced a series of offers to exchange certain outstanding series of notes and concurrently began a solicitation for votes on a voluntary prepackaged plan of reorganization. The successful completion of either the exchange offers or plan of reorganization will generate significant capital and reduce CIT's liquidity requirements for several years through the material reduction of the Company's outstanding debt.