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New Industry Insight

Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.


Tiffany Montgomery
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CIT receives remaining $1 billon of $3 billion loan

By
August 07, 2009 9:22 AM

From the Associated Press:

NEW YORK - Commercial lender CIT Group Inc., which is trying to avoid filing for bankruptcy protection, said Friday that it has received the remaining $1 billion available under a $3 billion credit agreement and is suspending preferred dividend payments.

The company, which is one of the nation's largest lenders to small and midsize businesses, said it will use a substantial portion of the new borrowing to support its small and middle market customers.

Click here for the full story.


More on: CIT, bankruptcy, agreement

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