CIT Plans For Exchange Offer And Potential Bankrucpty

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The CIT Group, nearing a Thursday deadline to present a comprehensive restructuring scheme, is planning to roll out a massive debt exchange offer to its bondholders, along with votes for a potential prepackaged bankruptcy, people with direct knowledge of the talks told DealBook on Wednesday.

CIT, a major lender to the nation's small and mid-sized businesses, plans to ask bondholders to exchange their current holdings for new debt and equity, these people said. The offer would be introduced within days and would run for about 20 business days.

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Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.
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