CIT Group bankruptcy protection last registered
Washington – The large American commercial and consumer finance company, CIT Group Inc. bankruptcy protection last registered. The financial crisis caused the bank can not finance themselves eventually end up like Lehman Brothers.
With this bankruptcy protection, CIT hopes to reduce the total debt of about U.S. $ 10 billion. Registration protection performed on Sunday (1/11/2009).
“Under the plan, CIT hopes to reduce total debt to U.S. $ 10 billion, and significantly emngurangi liquidity needs in the next 3 years, increasing the ratio of capital and accelerate profitability,” said CIT said in a statement as quoted by AFP, Monday (2 / 11/2009).
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