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CIT Swaps Bonds in Effort to Reduce Debt by $5.7 Billion, Avoid Bankruptcy

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NOT... DEAD... YET
CIT Group Inc. is seeking to cut at least $5.7 billion of debt to help it avoid collapse and return to profitability after nine quarters of losses, according to Bloomberg.  CIT asked bondholders to exchange unsecured obligations for new secured debt maturing in four to eight years and preferred shares, according to a company statement. Should the exchange fail, CIT will seek court protection through a pre-packaged bankruptcy.
SOURCE:   Bloomberg

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