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Log In / Register | Mar 17, 2010

Franchise Lender CIT Emerges from Bankruptcy, $2.3 Billion Wiped Out

Posted Thu, 2009/12/10 - 22:26 by jagsd01

Franchise lender CIT has emerged from Federal Chapter-11 reorganization after only 38 days, but the US Treasury's TARP program (and taxpayers) had the entire $2.3 billion injection claim dismissed (and therefore lost) by Judge Gropper.

CIT: Still Lending, "We have the Money to Continue"

Posted Thu, 2009/11/12 - 15:30 by jagsd01

We have just returned from Las Vegas and the  Restaurant Finance and Development Conference.

CIT was a Premiere event sponsor and had staff present at the conference.

CIT Files Chapter 11 Bankruptcy

Posted Sun, 2009/11/01 - 23:23 by paulsegreto

After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.

Chris Hurn's picture

SBA 504 Interest Rate Hits Low Again

Posted Mon, 2009/10/19 - 11:49 by Chris Hurn

The 20-year fixed interest rate on SBA 504 loan projects has hit a new record low, and this is the fourth time it's happened in the last six months.

CIT Debt Plunges, Lender May Fail

Posted Fri, 2009/07/10 - 02:53 by Darnelle White

The mighty lender to 950,000 franchises and small businesses is looking increasingly like it may fail, according to experts. One sign is that since becoming a bank in December to qualify for  federal bail-out funds, CIT has bond prices that have plunged to basement-low levels, comparable to securities rated on the brink of default.