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http://news.yahoo.com/s/afp/2009110...ngcompanycitbankruptcyleadwrap_20091102105443
CIT Group, a key lender to small US firms, declared itself bankrupt becoming the fifth largest failure in American history and dealing a new blow to market nerves.
CIT said late on Sunday it has agreed a restructuring plan with creditors that will reduce its debt by about 10 billion dollars.
But amid doubts about the prospects for the bank and the US economic recovery, Japanese shares fell more than two percent on Monday.
The bankrupt group received an emergency loan of 4.5 billion dollars on October 28 after struggling for months through the fallout of the global financial crisis.
It was also rescued in July after Washington rejected a bailout plea and had received 2.3 billion dollars of taxpayers money in December last year which will now probably be lost.
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http://en.wikipedia.org/wiki/CIT_Group
The company is included in the Fortune 500 and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. The company does business with more than 80% of the Fortune 1000.
CIT Group, a key lender to small US firms, declared itself bankrupt becoming the fifth largest failure in American history and dealing a new blow to market nerves.
CIT said late on Sunday it has agreed a restructuring plan with creditors that will reduce its debt by about 10 billion dollars.
But amid doubts about the prospects for the bank and the US economic recovery, Japanese shares fell more than two percent on Monday.
The bankrupt group received an emergency loan of 4.5 billion dollars on October 28 after struggling for months through the fallout of the global financial crisis.
It was also rescued in July after Washington rejected a bailout plea and had received 2.3 billion dollars of taxpayers money in December last year which will now probably be lost.
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http://en.wikipedia.org/wiki/CIT_Group
The company is included in the Fortune 500 and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. The company does business with more than 80% of the Fortune 1000.
