CIT Group, Inc. New Common (CIT)

[jgbuz]

read this news story in it their is a quote that says CIT has
On Friday the company said that a debt restructuring deal had been successful

Can't understand if they mean cit or Scherr

http://www.reuters.com/article/marketsNews/idINN0719939820090807?rpc=44


Apparel maker Scherr in settlement talks with CIT
Fri Aug 7, 2009 2:59pm EDT

Aug 7 (Reuters) - Apparel maker Scherr Inc is in preliminary settlement talks with CIT Group (CIT.N) over a suit Scherr filed last week claiming that the lender had broken a financing agreement with it because of financial difficulties, according to a lawyer involved in the case.
A hearing scheduled for Friday morning in New York State Supreme Court in Manhattan was adjourned in light of the talks, Scherr lawyer Vano Haroutunian of Ballon Stoll Bader & Nadler said.

The small clothing company filed the suit asking the court to end its so-called "factoring agreement" and order the fees it paid returned. In a factoring agreement, the business sells its receivables to a lender, or factor, at a discount in return for money the business can use to finance its business.

CIT, which lends to nearly a million small and mid-sized companies, has said it may file for bankruptcy. On Friday the company said that a debt restructuring deal had been successful.

The case comes after an Alabama hardware supplier filed for bankruptcy, blaming financial woes on CIT. In court documents filed in U.S. bankruptcy court in Birmingham, Moore-Handley Inc (MHCO.PK) said it was forced to seek bankruptcy protection "due to difficulties accessing funds" under its financing arrangements with CIT Group. (Reporting by Caroline Humer; Editing by Steve Orlofsky)