Major lender considering bankruptcy!
NEW YORK - July 11, 2009 - CIT Group, Inc., a lender to almost a million mostly small and midsize businesses across the country, is preparing for a possible bankruptcy filing after so far failing to win a government guarantee to help it borrow, said people familiar with the matter.
To prepare for a possible filing, CIT has retained the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, which has a prominent bankruptcy practice.
The mere hiring of bankruptcy counsel doesn't mean a company will actually make a bankruptcy filing. CIT has been pressing its case to the government with increased urgency.
To prepare for a possible filing, CIT has retained the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, which has a prominent bankruptcy practice.
The mere hiring of bankruptcy counsel doesn't mean a company will actually make a bankruptcy filing. CIT has been pressing its case to the government with increased urgency.
