CIT Group To Exit Bankruptcy Protection

NEW YORK — CIT Group Inc., one of the nation’s biggest lenders to small and mid-sized businesses, said Tuesday that a judge approved its reorganization plan and it plans to emerge from bankruptcy protection on Thursday.

CIT Group filed for bankruptcy protection on Nov. 1 after it failed to restructure outstanding debt to alleviate a cash crunch. The reorganization plan, which was approved by key bondholders in advance, reduces CIT’s total debt by $10.5 billion. It also defers debt maturities for three years.

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