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Tiffany Montgomery
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CIT receives last-minute loan to avoid bankruptcy

By Tiffany Montgomery
July 20, 2009 6:38 AM

CIT has received a $3 billion emergency loan from bond holders to help the troubled bank avoid bankruptcy, according to the New York Times.

CIT is heavily involved in the action sports industry, acting as a factor for many companies. Without the loan, CIT would likely have to file for bankruptcy after the government declined to step in and help the company.

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