Snakeoil
Taxes are Armed robbery.
Premium
join:2000-08-05
Mentor, OH
 ·RoadRunner Cable
| Commercial lending giant CIT files bankruptcy
»www.msnbc.msn.com/id/33576310/ns···business
quote:
NEW YORK - Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses.
On Monday, CIT Group Inc's bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co. Gerber, a bankruptcy judge since 2000, is no stranger to large complex cases, having also handled the bankruptcies of cable TV operator Adelphia Communications Corp and the current proceedings involving Lyondell Chemical Co.
CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders have overwhelmingly approved a prepackaged reorganization plan which will reduce total debt by $10 billion while allowing the company to continue to do business.
2 Billion gone to waste.
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I want Obama money. "wheres it comming from?" I dunno, his stash. I don't care, I just want obama money. Shows the lack of education and the greed of people. Hand outs from the government comes from your pay check and wallet. Think about it. |
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lolwhat
We Are Toast
Premium
join:2001-06-11
USSA
 ·AT&T Midwest
 ·Future Nine Corpor..
| Yup, $2B gone to waste. Even worse, small-biz lines of credit were a major thing for them. For businesses that depend on credit from CIT to, say, make payroll, this is like a concrete block tied to their ankles and thrown in the water. And yes, a lot of businesses are stupid enough not to have enough cash on hand to cover all expenses at any given time. Expect lots of small businesses to get destroyed, especially since the Christmas shopping season will not be so merry this year.
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The Greater Depression: Coming soon to a country near you!
F*** the Republicrats. |
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redxii
too big to fail
Premium,Mod
join:2001-02-26
Texas
Host:
/dev/null
Broadband Tweaks
Suddenlink
ISDN
Fiber Optic
| reply to Snakeoil
The Treasury is considering a THIRD bailout for GMAC, and CIT has to file for bankruptcy. What makes GMAC so different?
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Peter Schiff for U.S. Senate.
»www.youtube.com/user/SchiffReport |
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Snakeoil
Taxes are Armed robbery.
Premium
join:2000-08-05
Mentor, OH | They Back GM.. and the UAW Owns a good chunk of the government... |
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cmaenginsb
Premium,MVM
join:2001-03-19
Palmdale, CA
| reply to Snakeoil
Re: Commercial lending giant CIT files bankruptcy
The link to the article seems dead for me but from the OPs quote this is a pre-packaged deal with bondholder approval that allows them to continue operating.
So where's the "waste" if they can enter bankruptcy shed $10 billion (where does the debt go though) and go on operating?
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CCNA, Comtrain Certified Tower Climber |
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ThunderDawg
join:2002-11-05
Lake Worth, FL
·AT&T Southeast
·Comcast
| said by cmaenginsb  :The link to the article seems dead for me but from the OPs quote this is a pre-packaged deal with bondholder approval that allows them to continue operating. So where's the "waste" if they can enter bankruptcy shed $10 billion (where does the debt go though) and go on operating? Chances are, the secure debtholders will own the company when it emerges. The original stockholders will get next to nothing, if anything at all.
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The first time history repeats itself, it is a tragedy. The second time, it is a farce. |
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