NEW YORK, July 19 (Reuters) - CIT Group has cut a deal with its key bondholders for $3 billion in financing that will allow the 101-year-old lender to avoid bankruptcy, according to a headline on the Wall Street Journal's web site.
CIT, which suffered a liquidity crunch and found itself straining under its multi-billion dollar debt load, aims to restructure outside of court, the Journal said.
No other details were immediately available.
On Friday, shares of the company closed up about 71 percent at 70 cents on the New York Stock Exchange.
(Reporting by Ransdell Pierson; Editing Bernard Orr) Keywords: CITGROUP/ (Reuters Messaging: ransdell.pierson.reuters.com@reuters.net; 646-223-6034; ransdell.pierson@reuters.com) 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 suffered a liquidity crunch and found itself straining under its multi-billion dollar debt load, aims to restructure outside of court, the Journal said.
No other details were immediately available.
On Friday, shares of the company closed up about 71 percent at 70 cents on the New York Stock Exchange.
(Reporting by Ransdell Pierson; Editing Bernard Orr) Keywords: CITGROUP/ (Reuters Messaging: ransdell.pierson.reuters.com@reuters.net; 646-223-6034; ransdell.pierson@reuters.com) 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.