Sponsors
Billabong ▼ 0.000 | PPR ▼ -0.05 | American Apparel ▼ -0.003 | The Buckle ▲ +0.01 | Columbia ▲ +1.83 | Deckers Outdoor ▼ -0.04 | Dicks ▲ +0.67 | Foot Locker ▲ +0.58 | Genesco ▲ +0.20 | Iconix Brand Group ▲ +0.21 | Jarden Corp ▲ +0.42 | Nordstrom ▲ +0.48 | Luxottica ▲ +1.00 | Nike ▲ +0.82 | Pacific Sunwear ▲ +0.07 | Skullcandy ▲ +0.34 | Sport Chalet ▼ -0.04 | Urban Outfitters ▲ +0.19 | VF Corp ▲ +0.96 | Quiksilver ▲ +0.05 | Zumiez ▲ +0.26 | Macys ▲ +1.08 | Tillys ▲ +0.05 |
Ticker Sponsor
Readers Say
Executive Edition is a must have
Executive Edition is a must have

Before Shop-Eat-Surf, there were two sites I paid for premium content on. One is Surfline, the other is the Wall Street Journal. One is about all things surf, the other, the best business content site in the world. Shop-eat-surf is the intersection of those two worlds. Shop-Eat-Surf provides everything from coverage of events, people, brands and trends. However, beyond the Executive Edition "wall" is more meaty analysis and interpretation of financial statements, business models and brand philosophies; why certain brands and companies are succeeding, where others aren't. The Executive Edition is a must have read if the business of surf and action sports are on your radar screen.

- By Jeff Berg, Co-owner, Surfline
Keeps me in the loop
Keeps me in the loop

Being an Executive Edition member allows me to not miss a beat when it comes to the Industry business news. Definitely keeps me in the loop plus goes great with my morning joe.

- By Tony Perez, Surfer and Surfing magazines
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
Print This Article

CIT announces agreement with bondholders

By
October 18, 2009 9:42 AM

From Reuters:

CHICAGO (Reuters) - Commercial finance company CIT Group Inc and a group representing its bondholders have agreed on changes to the company's proposed restructuring plan as it looks shore up its finances. The agreement could include a prepackaged bankruptcy filing.

The changes, announced by CIT late Friday, include a mechanism to accelerate the repayment of new notes; the shortening of maturities by six months for all new notes and junior credit facilities; and offering more equity to subordinated debt holders.

The changes would include notes maturing after 2018 in the company's exchange offer and increase the interest paid on Series B notes being offered by CIT Delaware Funding to 9 percent from 7 percent. They would also provide preferred stockholders contingent value rights in the reorganization and modify the allocation of common stock in the company's recapitalization after the exchange offers, as part of an agreement with the Treasury Department.


Click here for the complete Reuters story.

 


Articles You Might Have Missed