After just 38 days, New York headquartered SME lender CIT Group
has emerged from bankruptcy.
The company, founded in 1908, has shed more than $10 billion
(€6.9 billion) of debt as a result of its Chapter 11 filing, and
will defer its debt maturities for three years.
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But the group will need a new leader – CEO Jeffrey Peek is due
to step down from his position at year end.
Immediately upon emerging from Chapter 11, CIT has committed
some $500 million to its Small Business Lending group, as well as
$1 billion for its Vendor Finance operations.
Fred Crawley
GlobalData Strategic Intelligence
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