US: CIT Group Inc Prepares To File Bankruptcy

CIT Prepares To File Bankruptcy

zerohedge.blogspot.com/2009/07/c … uptcy.html

news.bbc.co.uk/2/hi/business/8153123.stm

I work in Blackrock close to their Irish base - I would estimate they have several hundred employees.

How big is their ship on the char if they fold, as big as Lehmans?

Just found this - 450 employees in 2007 :frowning:
finfacts.com/irelandbusiness … 1059.shtml

Interestingly, the US government is resigned to losing all that TARP money that was pumped into propping up CIT.

There’s still a chance that someone might rescue CIT, or buy them from the receiver when they go into bankruptcy.

Did anyone else think the title referred to the Cork Institute of Technology?

merged with original post

How do companies get their money back from someone who has already filed bankruptcy? I know you can only file bankruptcy once every 6 years or so but I also know the offers of credit go UP after a bankruptcy filing. Banks know you can not refile for at least 6 years. My question is: what happens to people who don’t pay those bills and can not declare bankruptcy again. We don’t have debtors prison and if they don’t own much of value how does that situation work out?

Looks like the fourth largest bankruptcy in US history …this week I would think.

ftalphaville.ft.com/blog/2009/08 … continues/

finance.yahoo.com/news/Report-CI … et=&ccode=

zerohedge has this snippet from Mr. Kramer yesterday:
zerohedge.com/article/cit-ba … orthlesser

CIT Approaches Bankruptcy After Striking Icahn, Goldman Accords → bloomberg.com/apps/news?pid= … Tk.I&pos=1

Its official.

CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.

bloomberg.com/apps/news?pid=20601087&sid=a3.t_GrxbL2U&pos=1

Looks like its a controlled bankrupcy, so I doubt there will be any major banking ramifications.