CIT Group
| 6:20PM 10/30/2009
Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT may soon file for bankruptcy protection.
Icahn also agreed to provide CIT with a $1 billion line of credit.
Icahn has been an...
| 4:30PM 10/30/2009
Slipping consumer confidence sent U.S. stocks tumbling Friday, nearly ending a six-month-long sprint that saw major indexes climb steadily and dramatically in the face of recession. The drop, on the last trading day of a wildly volatile October, capped a month of stock-price swings that whipsawed...
| 5:30PM 10/22/2009
After leading an investment team to buy The Philadelphia Inquirer in 2006, Brian P. Tierney invited the widow of its onetime owner, Walter Annenberg, to visit him in her husband's old office. While visiting, Lenore Annenberg noted that Tierney had situated his desk differently from her...
| 4:40PM 10/19/2009
Billionaire financier Carl Icahn pulled no punches on Monday in a scathing open letter to the board of CIT Group (CIT). The foundering century-old lender "shamelessly" offered to sell big bondholders $6 billion in loans to the company at "well below fair market value," all to the detriment of...
| 10:40AM 10/19/2009
Billionaire investor Carl Icahn offered a $6 billion lifeline to struggling lender CIT Group Inc. (CIT).
In a letter Monday to CIT's board of directors, Icahn said he would give the company the loan to replace a debt restructuring plan CIT has submitted to its bondholders for approval.
Icahn, who...
| 9:15AM 10/18/2009
CIT Group (CIT) shareholders have had a wild ride for the last five months. They've had to deal with concerns about bankruptcy, threats from its bondholders and plans for the firm's future as the CEO announced he was stepping down. CIT stock traded near $4 in early June. Since then, it dropped to...
| 1:45PM 10/13/2009
CIT Group (CIT) chairman and CEO Jeffrey Peek announced today that he plans to retire on December 31. The announcement comes right in the middle of closed-door negotiations as CIT tries to get bondholders to accept a massive debt swap or a prepackaged bankruptcy. If both options fail, CIT will head...