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CIT Group Bankruptcy

The CIT Group filed for chapter 11, Sunday November 1st, 2009.

The CIT Group is one of or possibly the largest finance company providing lending services to the fashion industry.

CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets. For more than 100 years, CIT has provided lending, advisory, and leasing services to small and middle market businesses guided by unparalleled industry expertise and focus. Headquartered in New York City, CIT is a Fortune 500 company. CIT operates CIT Bank, a full service Utah state bank, which is regulated by the Utah Department of Financial Institutions and the FDIC. Operating in more than 50 countries, we have deep expertise across 30 industries.

If you utilize CIT or know companies that do, please share your thoughts on this bankruptcy filing.

Are you concerned that this will effect your business?
Has this issue already effected your business?
What are your thoughts, concerns, or suggestions to others?

Tags: CIT, CIT Group, CIT Group Bankrupcy, Factor

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Permalink Reply by Apparel1 on November 2, 2009 at 4:43pm

If you have questions regarding the restructuring, you can visit the following:

http://cit.com/about-cit/restructuring/index.htm

I see there comments from 11/1 indicating, "Importantly, we have the liquidity to serve our customers throughout this process. We will continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy, as we have for over 100 years. Over one million customers depend on our company to provide the financing needed to run their businesses, and we want to thank them for their support as we build a stronger CIT.". Therefore, those of you that are doing business with CIT will hopefully be fine during this process.

You can stay up to date on the CIT restructuring at their site.

Read the press release regarding the CIT Reorganization Filing.

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Permalink Reply by Apparel1 on November 2, 2009 at 4:45pm

In re CIT Group Inc., Case No. 09-16565 (ALG) Jointly Administered
United States Bankruptcy Court, Southern District of New York

Toll-free Supplier Information Line: (800) 422-2738 [International callers dial (973) 422-3877]

Toll-free Restructuring Information Line for all other interested parties: (866) 967-1786 [International callers dial (310) 751-2686]

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Permalink Reply by Apparel1 on November 2, 2009 at 4:49pm

You can find more details from the company assisting with the filing.
http://www.kccllc.net/citgroup

Kurtzman Carson Consultants LLC

Here is a bit about the company... As corporate-restructuring attorneys, Eric Kurtzman and Jonathan Carson were frustrated by the inefficiencies inherent in the administration of Chapter 11 bankruptcy cases. The pair envisioned a simpler, more efficient approach to manage the growing administrative burdens of corporate restructuring and other strategic business transactions. With deep industry knowledge, Eric and Jonathan pioneered a technology platform and services methodology to automate a traditionally manual, paper-laden and time-consuming process. It was their shared vision, ability to identify a niche market opportunity and an entreprenurial spirit that led to the creation of KCC.