damit CIT in der Insolvenz genug Kohle hat um zu bestehen. brings bankruptcy closer Fri Oct 30, 2009 4:20pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] * Icahn to provide $1 bln in credit * Icahn supports restructuring after company makes changes * Shares slump 22.5 pct as bankruptcy likely * Announcement comes as CIT awaits vote on restructuring * Filing as soon as this weekend seen as more likely (Recasts with filing more likely, adds analyst comments, updates share price) By Elinor Comlay NEW YORK, Oct 30 (Reuters) - Billionaire investor Carl Icahn, who had been trying to derail CIT Group Inc's (CIT.N) efforts to launch a restructuring plan, said on Friday he was now backing the lender's pre-packaged bankruptcy, making a filing as soon as this weekend more likely, analysts said. Shares in cash-strapped CIT slumped 22.5 percent to 73 cents, after being halted for the news, as investors took the announcement as an indication that the pre-packaged bankruptcy plan would go ahead. "It looks like everything is pointing to a prepack," said Adam Steer, an analyst at CreditSights in New York. "Their best option is to turn off the lights and work their balance sheet down. It's pretty clear at this point." Icahn, who says he is CIT's largest bondholder, said in a statement that he changed his mind on the pre-packaged bankruptcy plan because he was pleased by changes the company made, including establishing an accelerated process for appointing new directors. "These changes significantly improve corporate governance and cash flow protections, and are positive for the company and all noteholders," he said in the statement. Icahn's announcement came as CIT was waiting for the results of an offer it made to investors earlier this month: an exchange of bonds for new securities and equity, avoiding a bankruptcy filing; or approval of a restructuring plan before the company files for bankruptcy. Auszug Reuetrs: UPDATE 3-CIT, Icahn agreement brings bankruptcy closer Icahn had sought to scupper the restructuring plan, and he made bondholders a rival tender offer, because he said CIT bondholders would recover more money if its assets were allowed to run off under bankruptcy protection. The offer, which expired on Thursday, is not expected to have attracted enough votes to permit a debt exchange, meaning a bankruptcy filing could come as soon as this weekend, analysts said. [ID:nN29386269] The company said earlier on Friday an independent ballot-counting company was counting more than 150,000 votes. Whatever the outcome of the vote, Icahn will not walk away from the exchange offer he made to small bondholders, he said in his statement. Continued...
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