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Ethiopia's salt trails
For centuries merchants have traveled to Ethiopia to collect salt from the surface of the vast desert basin. Slideshow
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CIT says secures $3 bln credit facility
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1 of 6. A woman walks past the Cit offices in New York, July 13, 2009.
Credit: Reuters/Brendan McDermid
NEW YORK |
NEW YORK (Reuters) - CIT Group Inc said on Monday it secured a $3 billion credit facility from bondholders and would start a comprehensive restructuring, in moves seen crucial for the company to avoid a bankruptcy filing.
The company, which lends to nearly one million small and mid-sized businesses, also said as a first step in its recapitalization plan, it has started a cash tender offer for its outstanding floating rate senior notes due August 17.
The offer will be for $825 for each $1,000 principal amount of notes tendered on or before July 31.
(Editing by Carol Bishopric)
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