Cit group

A deep recession isn't a great time to be in the business of lending to entrepreneurs. First CIT Group had to seek bankruptcy protection last month when it failed to strike a deal with bondholders to rework its debt. And now Advanta (ADVNB), a credit-card company specializing in lending to...

I would like to congratulate the Obama administration for drawing the right line in the sand. Unlike the Bush administration, Obama did not permit a $639 billion bankruptcy -- Lehman Brothers -- whose collapse nearly caused social chaos as people lost confidence in their money market funds. With...

CIT Group, the giant small business lender, filed for a "pre-packaged bankruptcy" Sunday night carrying some $71 billion in assets, after last ditch attempts to avert such an outcome failed. The development will keep the doors open at the 101-year-old small business lender, but there will be heavy...

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...

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...

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...

German fashion designer Escada AG's 2,300 worldwide employees -- not to mention the good looks of the celebrities who wear its garments -- were placed in jeopardy today as the clothing maker filed for bankruptcy in Munich Local Court. The company has undergone months of financial negotiations as...

CIT Group (CIT) may have convinced its bondholders to rescue it from the brink of bankruptcy yesterday. But that doesn't mean it's out of danger yet.The embattled commercial lender revealed in a regulatory filing today that it will post a $1.5 billion loss in the second quarter. And with $1 billion...

CIT Group (CIT), which is facing likely bankruptcy, paid retention bonuses to 40 executives and key employees -- including two named officers in January -- that vest 100 percent after two years, according to the New York-based company's latest proxy statement. "Going into 2009, our guiding...

Denied a government bailout, foundering middle-market commercial lender CIT Group (CIT) is scrambling to line up as much as $3 billion in capital from private investors in a bid to stave off bankruptcy. It's a race against time. The Wall Street Journal and CNBC, among others, are reporting that...