Sponsors
Billabong ▼ -0.005 | PPR ▲ +2.60 | American Apparel ▼ -0.009 | The Buckle ▲ +0.20 | Columbia ▲ +0.15 | Deckers Outdoor ▼ -1.05 | Dicks ▲ +0.07 | Foot Locker ▼ -0.10 | Genesco ▼ -0.02 | Iconix Brand Group ▼ -1.25 | Jarden Corp ▼ -0.45 | Nordstrom ▼ -0.28 | Luxottica ▼ -0.61 | Nike ▲ +0.28 | Pacific Sunwear ▼ -0.07 | Skullcandy ▲ +0.07 | Sport Chalet - 0 | Urban Outfitters ▼ -0.53 | VF Corp ▼ -0.68 | Quiksilver ▼ -0.09 | Zumiez ▲ +0.97 | Macys ▼ -0.25 | Tillys ▲ +0.23 |
Ticker Sponsor
Readers Say
The one, undisputed leader
The one, undisputed leader

It is common knowledge in our industry that there is one undisputed leader in reporting on the topics, businesses and trends that impact all of us the most, and it is shop-eat-surf.com. Their access to those who make our industry happen is second to none, and we value not only the content of their reporting but the editorial thought on what it all means both in the present as well as the future. If we were asked to give a rating, it would be five out of five stars.

- By Craig Levra, CEO, Sport Chalet
Since the inception of Executive Edition, I only need 1 stop
Since the inception of Executive Edition, I only need 1 stop

As a retailer in the surf industry for the past 21 years, I have had to use multiple sources to stay informed to the news within surf. Since the inception of the Executive Edition of Shop-Eat-Surf.com, I need only one stop. Thanks for providing such a valuable tool to all of us in the industry. Shop-Eat-Surf is a must read for all of our staff at Maui Nix.

- By George Karamitos, CEO, Maui Nix
Industry Insight

ROTH CAPITAL PARTNERS: Hosting 27th Growth Stock Conference March 8-11 in Dana Point, Calif.
NUORDER: 8 ways to boost your efficiency every day.
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