Copyright © 2009, Greenwich Financial Management Inc., a registered investment advisor.
CIT Group has been able to stave off bankruptcy, at least provisionally, through a $2 billion secured facility it has arranged with existing bondholders; the bondholders are seeking to arrange an additional $1 billion by the end of this month. CIT apparently rejected an alternative offer from GE Capital, of at least $2 billion, secured by aircraft. See Bloomberg.com article I would continue to avoid CIT Group stock, which will be diluted to homeopathic concentrations whether in bankrupcy or out of it.
Tuesday, July 21, 2009
Update on CIT Group
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