CIT Group's $500 million DIP financing approved by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Nov. 23 - CIT Group Inc.'s $500 million debtor-in-possession financing was approved by U.S. Bankruptcy Court for the Southern District of New York, according to an attorney close to the case.

As previously reported, the company was granted interim access to $125 million of the letter-of-credit DIP financing.

The court will hold a confirmation hearing for the company's pre-packaged plan of reorganization on Dec. 8, according to a prior company release.

CIT, a New York-based provider of financing to small businesses and middle-market companies, filed for bankruptcy on Nov. 1. Its Chapter 11 case number is 09-16565.

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