By Henny Sender and Francesco Guerrera
CIT’s board on Monday approved a two-year, $3bn rescue package with a group of lenders enabling the troubled US finance group to avoid a bankruptcy filing, after round-the-clock weekend talks.
One party to the financing said: “This paves the way for an orderly restructuring of the balance sheet with time and capital. And it will give CIT’s customers plenty of capital.”
The company, which provides finance to nearly 1m small and medium-sized companies in the US, and its creditors had to move quickly to arrest a slide into bankruptcy and prevent its best customers from defecting for fear the lender could no longer support them.
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