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Cit Halted
- Thread starter S2007S
- Start date
*CIT SEES 2Q LOSS OF MORE THAN $1.5 BILLION
*CIT SAYS MAY SEEK BANKRUPTCY WITHOUT SUCCESSFUL AUG Tender
*CIT SAYS `EXISTING LIQUIDITY' NOT ENOUGH FOR AUG. DEBT PAYMENT
*CIT EXPERIENCED 'SIGNIFICANT' BOOST IN DRAWS ON COMMITMENTS
*CIT SAYS CIT BANK COULD BE PUT IN RECEIVERSHIP IF COMPANY FILES
*CIT WON'T BE ABLE TO ISSUE GOVT-GUARANTEED DEBT UNDER TLGP
*CIT MAY NEED TO FILE FOR RELIEF IF TENDER CONDITION NOT MET
*CIT TO PAY 2% EXIT FEE ON AMOUNTS PRE-PAID FROM BONDHOLDER LOA
*CIT SAYS EXISTING LIQUIDITY INSUFFICIENT FOR AUG. MATURITY PAY
*CIT SAYS MAY SEEK BANKRUPTCY WITHOUT SUCCESSFUL AUG Tender
*CIT SAYS `EXISTING LIQUIDITY' NOT ENOUGH FOR AUG. DEBT PAYMENT
*CIT EXPERIENCED 'SIGNIFICANT' BOOST IN DRAWS ON COMMITMENTS
*CIT SAYS CIT BANK COULD BE PUT IN RECEIVERSHIP IF COMPANY FILES
*CIT WON'T BE ABLE TO ISSUE GOVT-GUARANTEED DEBT UNDER TLGP
*CIT MAY NEED TO FILE FOR RELIEF IF TENDER CONDITION NOT MET
*CIT TO PAY 2% EXIT FEE ON AMOUNTS PRE-PAID FROM BONDHOLDER LOA
*CIT SAYS EXISTING LIQUIDITY INSUFFICIENT FOR AUG. MATURITY PAY
Meltdown
Here's a view on the CIT situation that I like:
http://accruedint.blogspot.com/2009/07/return-of-jedi.html
Esp since AI is a corp/muni credit expert...
http://accruedint.blogspot.com/2009/07/return-of-jedi.html
Esp since AI is a corp/muni credit expert...
CIT will not survive.
Quote from KINGOFSHORTS:
CIT will not survive.
Of course it wont, actually it might since the almighty fdic is probably going to step in. I mean do we really want to see commercial real estate continue to head south. Near me there are so many stores closing up, the other day I went out to a mall and noticed store after store offering discounts as high as 70% off.