| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CIT Group Inc. > News item |
CIT Group announces creditor support for reorganization plan
By Caroline Salls
Pittsburgh, Nov. 19 - CIT Group Inc. announced the results of the solicitation of votes on its pre-packaged plan of reorganization Thursday.
The company said holders of a total of roughly 83% of the company's eligible debt participated in the solicitation, of which 92% in principal amount and 88% in number of votes cast supported the plan.
CIT said all classes entitled to vote on the plan voted to accept it, and all were substantially in excess of the required thresholds for a successful vote.
The company said nearly 100% in principal and amount and 92% in number of holders of Canadian senior unsecured notes claims who voted on its plan of reorganization voted to support the plan. Roughly 89% of these creditors participated in the vote solicitation.
In addition, 96% in principal amount and 93% in number of holders of senior unsecured notes due after 2018 who voted on the plan voted to support it. About 74% of these noteholders participated in the vote solicitation.
According to the release, CIT is giving eligible holders of long-dated senior notes claims who did not vote to accept the plan an opportunity to elect impaired treatment under the plan and to receive new notes and common stock on the same terms as long-dated senior noteholders who voted in favor of the plan.
The deadline to make this optional election is 5 p.m. ET on Dec. 4.
Creditors in this class who did not vote to accept the plan and do not elect impaired treatment before the election deadline will have their existing notes reinstated.
CIT is a New York-based provider of financing to small businesses and middle-market companies. The company filed for bankruptcy on Nov. 1 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-16565.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.