CIT Group Files For Chapter 11
New York based CIT Group is to become one of the largest bankruptcies in US history.
The group, which specialises in loans to an estimated one million small to medium-sized US businesses, is filing for Chapter 11 bankruptcy protection.
The vast majority of a USD2.3 billion loan of US tax-payers money is expected to be lost. This make CIT the largest company to take a government bail-out and still end up filing for bankruptcy.
The news might send a wave of nervousness through the stock market, which had just got it into it's head that a corner had been turned.
The group, which specialises in loans to an estimated one million small to medium-sized US businesses, is filing for Chapter 11 bankruptcy protection.
The vast majority of a USD2.3 billion loan of US tax-payers money is expected to be lost. This make CIT the largest company to take a government bail-out and still end up filing for bankruptcy.
The news might send a wave of nervousness through the stock market, which had just got it into it's head that a corner had been turned.
