Oct 23 (Reuters) - CIT Group Inc:
* Says susan Lyne notified the company that she was resigning as a member of
the board of directors, effective October 31, 2009
* Says has been in discussions concerning an expansion of the current $3 blm
secured credit facility by an incremental $4.5 billion
* Says company also continues to explore alternative financing arrangements
proposed by other parties.
* Says there can be no assurance that the new credit facility will be obtained
on the terms set forth in the term sheet or at all
* Says has learned of certain miscalculations in the financial reports related
to a conduit that generally related to the calculation of specific lending
limitations such as concentration limits
* Says the result of these errors was an over-advance which constituted a
termination event under the terms of the facility.
* Says following discovery of the calculation errors the resulting
over-borrowings were promptly repaid and the facility was brought into full
compliance
* Says if an amendment and waiver cannot be obtained on reasonable economic
terms, it would let the facility terminate and finance its trade receivables
from existing liquidity
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about CIT Group Inc click here:) 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.
* Says susan Lyne notified the company that she was resigning as a member of
the board of directors, effective October 31, 2009
* Says has been in discussions concerning an expansion of the current $3 blm
secured credit facility by an incremental $4.5 billion
* Says company also continues to explore alternative financing arrangements
proposed by other parties.
* Says there can be no assurance that the new credit facility will be obtained
on the terms set forth in the term sheet or at all
* Says has learned of certain miscalculations in the financial reports related
to a conduit that generally related to the calculation of specific lending
limitations such as concentration limits
* Says the result of these errors was an over-advance which constituted a
termination event under the terms of the facility.
* Says following discovery of the calculation errors the resulting
over-borrowings were promptly repaid and the facility was brought into full
compliance
* Says if an amendment and waiver cannot be obtained on reasonable economic
terms, it would let the facility terminate and finance its trade receivables
from existing liquidity
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about CIT Group Inc click here:) 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.