lol.. I have no idea what your talking about
the company filed for chapter 11 .. the old shares are now worthless
there are NO OTHER shares except the current shares now trading .. if you hold anything other than the NEW CIT group .. you hold worthless shares ..
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NEW YORK, Dec 8 (Reuters) - U.S. small business lender CIT Group Inc CITGQ.PK on Tuesday won approval from a New York bankruptcy judge for its prepackaged reorganization plan, paving the way for it to exit bankruptcy within days.
Judge Allan Gropper approved the plan at a court hearing in Manhattan on Tuesday, just weeks after the company sought bankruptcy protection, saying it would not "do the company any good" to stay in bankruptcy any longer than necessary.
"We can't ignore the need for restructuring," Gropper said in approving the plan. "If a company that has fundamental value, as I'm assured this one does, does not restructure and does not get in a position to take its appropriate place in the marketplace it will ultimately fail entirely, and that will do no one any good."
CIT said in a statement on Tuesday it expects to emerge from bankruptcy on Dec. 10.
CIT filed one of the five largest bankruptcies in U.S. history on Nov. 1, after a debt exchange offer failed.
The firm, one of the largest financial victims of the credit crisis, will be the first of the financial bankruptcies to emerge from bankruptcy protection, unlike Lehman Brothers, Washington Mutual, IndyMac and other financial companies that have been unable to continue on their own.
CIT's reorganization plan will reduce its debt by about $10.5 billion and defer significant debt obligations for three years, CIT said.
Under the plan, CIT's unsecured debtholders are to receive 70 cents on the dollar of new notes, plus new common stock. The company had won support from bondholders for the plan substantially in excess of the minimum amount required under U.S. bankruptcy law.
Common and preferred stockholders, including the U.S. government, will be wiped out.
The U.S. Treasury had received preferred stock in CIT for a $2.33 billion investment in the company through the Troubled Asset Relief Program. This represents one of the first losses of taxpayer money through investments made under that program.
Hundreds of thousands of small and mid-sized businesses depend on CIT for financing, and company lawyers have said CIT must try to get through bankruptcy quickly to avoid customer defections.
Upon emergence from bankruptcy, the more than 100-year-old lender, said its new common stock will be listed on the New York Stock Exchange and trade under the symbol "CIT" (CIT.N).
CIT also said it would commit $500 million to support its small business lending group as well as $1 billion in funding for its vendor financing unit.
"CIT now has a stronger capital structure and improved liquidity profile," company Chief Executive Jeffrey Peek said in a statement. He said the company will continue its restructuring strategy outside of bankruptcy court.
The company has previously said Peek is stepping down at the end of the year, and it is continuing to search for a new CEO. The company's chief credit and risk officer, Nancy Foster, will also resign at the end of the year, CIT said on Tuesday.
The case is In re: CIT Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-16565. (Reporting by Emily Chasan; Editing by Matthew Lewis and Gunna Dickson)
