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CIT's board launches restructuring plan

Seeks approval of debt holders

Furniture Today Staff -- Furniture Today, October 2, 2009

The company, one of the nation's largest lenders to small businesses, with a factoring arm that has been giant lender to the furniture industry, said it is concurrently soliciting bondholder and other CIT debt holders to approve a prepackaged bankruptcy plan in case it doesn't get the $5.7 billion or more in debt reduction it requires under the exchange plan.

Holders of about $10 billion in CIT debt have already indicated their intention of participating in the exchange or voting for the prepackaged bankruptcy, the company said in a release.

Click here to read a Bloomberg story on the effort.

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