CIT gets $1 bln line of credit from Icahn



SAN FRANCISCO (MarketWatch) -- CIT Group /quotes/comstock/13*!cit/quotes/nls/cit (CIT 0.78, -0.17, -17.68%) said Friday that it got a new $1 billion line of credit from activist investor Carl Icahn. Shares of the troubled lender were halted after falling 13% to 83 cents in afternoon trading. The new credit line can be drawn by CIT on or before the end of this year. The company can still borrow from the Icahn facility if it files for bankrupcty protection from creditors, CIT added in a statement.

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