Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
CIT seeks premier bankruptcy advice
By Mae Anderson |
July 13, 2009, Monday
|
Print Edition
Print Edition
CIT Group Inc is working with a premier bankruptcy firm as the troubled commercial lender awaits word on whether it will receive funds from a federal program designed to help banks, the company confirmed last Saturday.
The New York-based company has engaged Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal last Saturday.
However, according to the company, CIT has worked with Skadden for "several years."
"Skadden is one of the principal law firms representing CIT," company spokesman Curt Ritter said in an e-mail response to an AP query. "They represent the firm on a wide variety of corporate matters. CIT will not comment on any specific aspect of their engagement."
The financier to small and mid-sized businesses is facing a liquidity crisis, according to analysts.
CIT is awaiting word on whether it will receive funds from the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program, which lets cash-squeezed companies issue government-backed bonds to raise capital at a lower cost. As of June 8, the program has backed US$335.4 billion of debt.
FDIC Chairwoman Sheila Bair has said the program tries to be inclusive but applicants must meet certain standards. Generally, the program gives preference to companies with high credit ratings or that are considered pivotal to the overall economy.
The New York-based company has engaged Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal last Saturday.
However, according to the company, CIT has worked with Skadden for "several years."
"Skadden is one of the principal law firms representing CIT," company spokesman Curt Ritter said in an e-mail response to an AP query. "They represent the firm on a wide variety of corporate matters. CIT will not comment on any specific aspect of their engagement."
The financier to small and mid-sized businesses is facing a liquidity crisis, according to analysts.
CIT is awaiting word on whether it will receive funds from the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program, which lets cash-squeezed companies issue government-backed bonds to raise capital at a lower cost. As of June 8, the program has backed US$335.4 billion of debt.
FDIC Chairwoman Sheila Bair has said the program tries to be inclusive but applicants must meet certain standards. Generally, the program gives preference to companies with high credit ratings or that are considered pivotal to the overall economy.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
