CIT Group pre-packaged plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, Dec. 2 - CIT Group, Inc.'s pre-packaged plan of reorganization was approved by a majority of all voting creditors, according to a vote tabulation filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The votes by class included:

• All 22 holders of $271.51 million in JPMorgan letter-of-credit facility claims voted to accept the plan;

• A total of 501 holders, or 93.12% in number, of $1.915 billion, or 99.85% in amount, of Canadian senior unsecured note claims voted to accept the plan, while 37 holders, or 6.88% in number, of $2.92 million, or 0.15% in amount of these claims voted to reject it;

• A total of 3,612 holders, or 90.69% in number, of $854.85 million, or 95.84% in amount, of long-dated senior unsecured notes claims voted to accept the plan, while 371 holders, or 9.31% in number, of $37.07 million, or 4.16% in amount of these claims voted to reject it;

• A total of 37,160 holders, or 88.43% in number, of $18.85 billion, or 90.92% in amount, of senior unsecured debt claims voted to accept the plan, while 4,864 holders, or 11.57% in number, of $1.883 billion, or 9.08% in amount of these claims voted to reject it;

• A total of five holders, or 71.43% in number, of $153.21 million, or 67.11% in amount, of senior unsecured term loan agreement claims voted to accept the plan, while two holders, or 28.57% in number, of $75.09 million, or 32.89% in amount of these claims voted to reject it;

• A total of 73 holders, or 91.25% in number, of $2.548 billion, or 94.35% in amount, of senior unsecured credit agreement claims voted to accept the plan, while seven holders, or 8.75% in number, of $152.57 million, or 5.65% in amount of these claims voted to reject it;

• A total of 78 holders, or 89.66% in number, of $2.701 billion, or 92.23% in amount, of aggregated claims voted to accept the plan, while nine holders, or 10.34% in number, of $227.66 million, or 7.77% in amount of these claims voted to reject it;

• A total of 128 holders, or 92.09% in number, of $1.148 billion, or 99.68% in amount, of senior subordinated note claims voted to accept the plan, while 11 holders, or 7.91% in number, of $3.71 million, or 0.32% in amount of these claims voted to reject it; and

• A total of 186 holders, or 93% in number, of $628.6 million, or 94.94% in amount, of junior subordinated note claims voted to accept the plan, while 14 holders, or 7% in number, of $33.48 million, or 5.06% in amount of these claims voted to reject it.

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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