Sign up today for access to member-only content -- unique and timely industry insight that only Leveraged Finance News can deliver.
  • LeveragedFinanceNews.com one-month trial subscription
  • Free e-newsletters
  • Latest market data and statistics

CIT: 88% of Bondholders Support Reorg Plan


By Aleksandrs Rozens, IDD

November 23, 2009

CIT Group, which filed for bankruptcy on Nov. 1, now says 88% of investors solicited in a recent vote support its prepackaged reorganization plan. A hearing to consider the confirmation of the reorganization plan is set for Dec. 8.

The finance company expects to reduce total debt by approximately $10 billion.

CIT said a solicitation of votes for Class 7, Canadian senior unsecured notes expired on Nov. 5. About 89% of these investors participated in the solicitation, and 92% in number of votes cast supported the company’s reorganization plan.

A solicitation of votes for Class 8, senior unsecured notes maturing after 2018 expired on Nov. 13. About 74% of these investors participated in the vote, and 93% supported the plan.

In total, about 83% of the company’s eligible debt holders participated in the solicitation, and 88% of votes cast supported the plan.

 


For more information on related topics, visit the following: