CIT files for bankruptcy protection
Bondholders decline debt-exchange offer; stockholders to lose out
Posted: November 2, 2009 at 4:13 a.m.
After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of midsize and small businesses.
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Front Section, Pages 1 on 11/02/2009
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