CIT Group Delays Filing Second Quarter Results
ADMIN
- August 11 2009
- 437 views
- 10 comments
CIT, the 101-year-old lending company that provides business loans and financial services to over 1,000,000 small and medium market businesses worldwide, announced today that management is making efforts to restructure the company in order to avoid bankruptcy and that it would not be able to file its second quarter report with the Securities and Exchange Commission by the Monday deadline, according to Reuters.
The news comes after the company’s requests for a federal bailout were rejected and it instead received $3 billion in emergency funding from bondholders in July. However, the financing may not be enough to keep it out of bankruptcy as the company expects to post losses in excess of $1.5 billion for the second quarter and is currently working to complete a tender offer for $1 billion of floating-rate notes due August 17, on which the company’s future hinges.
CIT Group provides financial support to many companies throughout a variety of industries including manufacturing, wholesaling, and retailing, according to a New York Times company profile, and has a number of clients within the industry.
A Wall Street Journal article summarizing stocks for today read: “CIT Group Inc. ($1.20, -$0.28, -18.92%) delayed filing its quarterly report with the Securities and Exchange Commission, saying it couldn’t meet Monday’s deadline “without unreasonable effort and expense” during its restructuring. The struggling commercial lender has been working in recent weeks to avoid a bankruptcy.”
Stay tuned to TransWorld Business for more information on this developing story.
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August 11th, 2009 at 9:43 pm
As a shop owner I would love nothing more than to see CIT die and go away. Too many eggs in one basket.
August 11th, 2009 at 9:43 pm
CIT needs to die and go away.
August 11th, 2009 at 9:44 pm
Too many eggs in one basket. DIE CIT DIE
August 11th, 2009 at 10:36 pm
Hey Willy,
I'd like to discuss this with you offline if you have a minute. Can you give me a call at 303.253.6366 or shoot me an email at mike.lewis@transworld.net?
Thanks,
Mike
August 12th, 2009 at 3:48 pm
its kind of funny, most stores hate cit. This is because they are bad at paying there bills. I think they make it easy. If you have good credit, you are an instant net 30. Slick willy needs to pay his bills
August 12th, 2009 at 5:42 pm
You can ask most vendors (Dekine) they would love to have payables back inhouse
August 12th, 2009 at 6:02 pm
slick willy pays all his bills fool,
I would rather earn miles on my credit card than give those crooks my money
August 12th, 2009 at 8:08 pm
Yeah right,
Surfs up bra
August 12th, 2009 at 10:18 pm
sounds like a sore subject. It saves on stamps