NEW YORK (Reuters) - CIT Group has cut a deal with its key bondholders for $3 billion in financing that will allow the 101-year-old lender to avoid bankruptcy, according to a headline on the Wall Street Journal's web site.
CIT, which suffered a liquidity crunch and found itself straining under its multi-billion dollar debt load, aims to restructure outside of court, the Journal said.
No other details were immediately available.
On Friday, shares of the company closed up about 71 percent at 70 cents on the New York Stock Exchange.
(Reporting by Ransdell Pierson; Editing Bernard Orr)
CIT, which suffered a liquidity crunch and found itself straining under its multi-billion dollar debt load, aims to restructure outside of court, the Journal said.
No other details were immediately available.
On Friday, shares of the company closed up about 71 percent at 70 cents on the New York Stock Exchange.
(Reporting by Ransdell Pierson; Editing Bernard Orr)
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