CIT filed for bankruptcy Nov. 1, blaming losses on subprime mortgages and tightening credit markets. CIT listed $71 billion in assets and $64.9 billion in debt. The government probably won?t recover much, if any, of the $2.3 billion in taxpayer money that went to a bailout of CIT, and shareholders will be wiped out, according to CIT?s plan.
Das könnte natürlich ein Grund sein, Chapter 11 abzulehnen.
The lender, which funds about 1 million businesses, plans to exit court protection next month. None of CIT?s operating units, including CIT Bank, were included in the filing.
Plans to exit? Hä? Kann das jemand erklären?
All of the CIT creditors that voted accepted the company?s prepackaged bankruptcy plan, lawyer Gregg Galardi of Skadden Arps Slate Meagher & Flom LLP told Gropper.
Was wiederum verständlich ist, denn die meisten Bondholder dürften ja über SWAPS abgesichert sein und bekommen im Falle eines Defaults mehr Geld. Andererseits, wenn Chapter 11 nicht zugelassen wird, könnte es gut sein, dass faire Kompromisse gefunden werden müssen.
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