NEW YORK, Oct 1 (Reuters) - CIT Group Inc's board approved a restructuring plan on Thursday, clearing the way for the commercial lender to launch a large debt exchange offer or to file for prepackaged bankruptcy if that failed, a person knowledgeable about the matter said.
CIT, which caters to small and mid-sized businesses, could announce the plan as soon as Thursday night, this person said, declining to be identified because the talks are not public yet.
(Reporting by Paritosh Bansal; editing by Carol Bishopric)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) Keywords: CIT/BOARD RESTRUCTURING (paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
CIT, which caters to small and mid-sized businesses, could announce the plan as soon as Thursday night, this person said, declining to be identified because the talks are not public yet.
(Reporting by Paritosh Bansal; editing by Carol Bishopric)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) Keywords: CIT/BOARD RESTRUCTURING (paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.