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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

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