Remember CIT? The major lender to small and medium-sized businesses that came back from the brink of bankruptcy in July? Now, CIT Group Inc. is back on the brink.
The company is furiously trying to work out a deal with bondholders that would wipe out around 30 to 40 percent of its more than $30 billion in debt, a source in the financial industry told ABC News, confirming a story in today's Wall Street Journal. If the bondholder deal falls through, the company will likely have to file for...Full Story