Users Online Now:
2,052
(
Who's On?
)
Visitors Today:
984,103
Pageviews Today:
1,358,161
Threads Today:
379
Posts Today:
6,398
11:20 AM
Directory
Adv. Search
Topics
Forum
Back to Forum
Back to Thread
REPLY TO THREAD
Subject
!!!!!!!!!!!!! CIT HALTED !!!!!!!!!!!!!!! *** BANKRUPTCY by Sunday ***
User Name
Font color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Indigo
Violet
Black
Font:
Default
Verdana
Tahoma
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:HTCWiz:MV85MTIwMjZfMTQxMTg5MzVfOENEOUY1RTA=] http://www.bloomberg.com/apps/news?pid=20601087&sid=aCiFMhzdZdPc Oct. 30 (Bloomberg) -- CIT Group Inc. bond and credit- default swap prices show that [b]investors are betting the 101- year-old commercial lender will file for bankruptcy after the deadline for a debt exchange expired overnight. [/b] Since CIT Chief Executive Officer Jeffrey Peek started a $30 billion debt swap Oct. 1, the company’s notes due Nov. 3 dropped 12 cents to [b][u]68 cents on the dollar[/u][/b], according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Holders of the $500 million in notes were offered 90 cents on the dollar in new debt and equity in an out- of-court exchange that expired at 11:59 p.m. yesterday in New York. They would get 70 cents on the dollar in bonds and new stock in a pre-packaged bankruptcy. “We believe they will file for bankruptcy within the week, provided nothing unexpected occurs,” Adam Steer, an analyst with CreditSights Inc. in New York, said in a telephone interview before the deadline passed. [b]CIT, which lost $5 billion in the past nine quarters and failed to get a second round of taxpayer funding in July, sought to avert collapse by asking bondholders to agree to the swap or vote for the pre-packaged bankruptcy. It faces opposition from billionaire investor Carl Icahn, who says he’s the largest bondholder, with $2 billion in debt. If CIT is forced into a “free-fall” bankruptcy, unsecured claims may fetch as little as 6 cents on the dollar, said Peek, who plans to leave the company at yearend. [/b] Keith Rodwell, a spokesman for CIT in Sydney, declined to comment on the outcome of the debt-exchange offer. Curt Ritter, a company spokesman in New York, declined to comment yesterday. ########## HAHAHA If the go bankrupt, Icahn will only get $.68 on the dollar for what he's invested. "Carl Icahn, who says he’s the largest bondholder, with $2 billion in debt." Icahn's $2bil investment will now be worth only $1.36 billion. OUCH. [/quote]
Original Message
Link pending.
UPDATE 1: CNBC cable news reporting that CIT bankruptcy is certain. Estimated to take 60-90 days to sort out.
UPDATE 2: A link for the lazy ass who can't spell. Here I'll "dive" you this: [
link to www.cnbc.com
]
PLEASE NOTE:
CIT
is not
Citi. They are two different companies. The former is America's largest lender to small and medium sized businesses. The latter is a financial conglomerate.
Pictures (click to insert)
General
Politics
Bananas
People
Potentially Offensive
Emotions
Big Round Smilies
Aliens and Space
Friendship & Love
Textual
Doom
Misc Small Smilies
Religion
Love
Random
View All Categories
|
Next Page >>