CIT amends terms of note tender

Source: Agencies | July 25, 2009, Saturday |

Print Edition

SMALL business lender CIT Group Inc said yesterday it's amending the terms of a tender offer for its notes but warns it may have to seek bankruptcy protection if enough bondholders don't agree to the terms.

The New York-based financial firm said in a regulatory filing that if the offer is successful it won't file for bankruptcy and will pursue a restructuring via other unspecified ways.

The Wall Street Journal reported before the filing that CIT had rebuffed as too low an offer from two conglomerates to buy parts of the company but was now considering a similar breakup.

Under CIT's amended offer, holders of certain notes due in August will get an extra US$50 per US$1,000 principal of the notes if they tender them by July 31 for a total of US$825 per US$1,000 in principal.

Finance

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CIT amends terms of note tender

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