CIT Bankruptcy Watch - Falling Slowly

CIT is slowly descending into financial ruin. Ok thats a bit harsh, but they do seem to be maneuvering themselves to stave off bankruptcy just a little bit longer. CIT was able to pass an agreement that would pay some of the bondholders 87 cents on the dollar when they hand over their notes. Because of the successful offer outlook, the stock jumped roughly 70%. Thats all fine and dandy but with $10 billion in debt to pay off, almost $900 million due in November, they will need a miracle to not file for bankruptcy. But we shall see.

Article By: Mr. Aaron