Sponsors
Billabong ▼ -0.005 | PPR ▼ -5.05 | American Apparel ▼ -0.030 | The Buckle ▲ +0.12 | Columbia ▼ -0.26 | Deckers Outdoor ▼ -4.38 | Dicks ▼ -0.36 | Foot Locker ▼ -0.58 | Genesco ▼ -0.60 | Iconix Brand Group ▼ -0.46 | Jarden Corp ▼ -0.45 | Nordstrom ▼ -0.45 | Luxottica ▼ -0.41 | Nike ▼ -1.29 | Pacific Sunwear ▼ -0.05 | Skullcandy ▼ -0.07 | Sport Chalet - 0 | Urban Outfitters ▼ -0.30 | VF Corp ▼ -0.06 | Quiksilver ▼ -0.11 | Zumiez ▼ -0.27 | Macys ▼ -0.05 | Tillys ▼ -0.02 |
Ticker Sponsor
Readers Say
I require all our executives to read it
I require all our executives to read it

There is no better publication that I am aware of that is so accurate and on top of any news and developments in our industry. I personally recommend it to many people that want to know and understand more about our industry. For the most part, shop-eat-surf.com gets the stories first. As a matter of fact, I require all the executives in our company to read it.

- By Hezy Shaked, President & CEO, Tilly's
The first thing I look at
The first thing I look at

I find Shop-Eat-Surf to be a very useful and informative site that I enjoy browsing daily. Shop-Eat-Surf is the first thing I look at every morning to keep up-to-date on the latest talk, events, and happenings in the industry. I must say I am a fan of Shop-Eat-Surf.

- By Bobby Abdel, Partner, Jack's Surfboards
Industry Insight

New business info and advice from QCS GRAPHICS, PROCOPIO, SHACC and FSG LAWYERS.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

CIT receives proposal from Carl Icahn

By
October 19, 2009 1:30 PM

Press release:

CIT Acknowledges Letter from Carl Icahn

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today acknowledged receipt of a letter from Carl Icahn to CIT's Board of Directors regarding CIT's efforts to secure financing and offering to underwrite an alternative $6 billion loan. This letter is CIT's first indication of Mr. Icahn's interest in underwriting an alternative financing and the Company intends to ask Mr. Icahn for more information regarding his proposal.

CIT and its Board of Directors, in consultation with the Steering Committee of CIT Lenders, has developed a comprehensive restructuring plan designed to enhance its capital levels, bolster liquidity and return the Company to profitability. Over the past several months, CIT has actively solicited competitive financing proposals and remains open to securing financing on the most beneficial terms.

For Additional Information

The Company has filed an 8-K containing the amended Offering Memorandum, Disclosure Statement and Solicitation of Acceptances of a Prepackaged Plan of Reorganization with the Securities and Exchange Commission. Further information about the Company and its restructuring plan can be founds at www.cit.com.

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.

About CIT

CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com


More on: CIT, Carl Icahn, financing

Articles You Might Have Missed