18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,396 Blog Posts

Non-Position Update: CIT

Another financial eating pavement.

CIT CIT Group takes liquidity action, announces it is drawing upon its $7.3 bln in unsecured U.S. bank credit facilities (7.94 -3.70) -Update-
  Co announces that it is drawing upon its $7.3 bln in unsecured U.S. bank credit facilities. The co will use the proceeds to repay debt maturing in 2008, including commercial paper, and provide financing to its core commercial franchises. Over the near term, the co will continue to actively seek additional funding sources, as well as explore and execute on the sale of non-strategic assets and/or business lines. “Our decision today is a result of the protracted disruption in the capital markets as well as recent actions by the rating agencies. It provides us with added flexibility and ensures that our clients have the financing they need to operate and grow their businesses successfully. We are actively positioning CIT to maximize value by optimizing our business portfolio and sizing our company to market conditions.” Co will host a conference call at 4:00 PM EDT today. (stock is halted)
If you enjoy the content at iBankCoin, please follow us on Twitter

One comment

  1. Totengraber

    There are so many people here commenting stuff. I’m not trying to correct your mistakes, I’m just not agree with any single word

    • 0
    • 0
    • 0 Deem this to be "Fake News"