CIT Group

The CIT Group ( Commercial Investment Trust) is an internationally active U.S. financial services group headquartered in New York City. It was founded in 1908. Customers are mainly small and medium sized businesses. The CIT 's stock is listed on the NYSE and a Fortune 500 and Standard & Poor's 500 Index represented. CIT revenues in 2007 were 7300 employees, revenues of $ 8.6 billion.

In the wake of the financial crisis CIT got into trouble. In July 2009, an application for state aid was rejected, why insolvency threatened. In August 2009, the bankruptcy could be averted for the time being by a private loan of U.S. $ 3 billion. On 13 October 2009 the CEO Jeffrey M. Peek, who was also Chairman of the Board, announced his resignation at the end of 2009.

After the failure of a restructuring of the company's debts, the CIT Group announced on 1 November 2009 for creditor protection under Chapter 11 of the U.S. bankruptcy law. It was the fifth largest bankruptcy of a company in U.S. history and the largest bank failure since the collapse of Lehman Brothers on 15 September 2008. Liabilities amounted to nearly 65 billion U.S. dollars. Nevertheless succeeded CIT to move the required majorities of creditors to agree to an insolvency plan. This included the reduction of debt by around 11 billion U.S. dollars; in return were given creditors the company's shares. The former shareholders lost as letztrangige creditors everything. With confirmation of the insolvency plan by the bankruptcy judge, the insolvency law creditor protection procedure was terminated after only five weeks on 9 December 2009.

Since February 2010, John A. Thain, the new Chairman and CEO.

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