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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.

Click here for the entire story.

 

 


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