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Flags fly at the CIT offices in New York, September 30, 2009. REUTERS/Brendan McDermid

Flags fly at the CIT offices in New York, September 30, 2009.

Credit: Reuters/Brendan McDermid

NEW YORK | Thu Oct 1, 2009 7:46pm EDT

NEW YORK (Reuters) - CIT Group Inc's board approved a restructuring plan on Thursday, clearing the way for the commercial lender to launch a large debt exchange offer or to file for prepackaged bankruptcy if that failed, a person knowledgeable about the matter said.

CIT, which caters to small and mid-sized businesses, could announce the plan as soon as Thursday night, this person said, declining to be identified because the talks are not public yet.

(Reporting by Paritosh Bansal; editing by Carol Bishopric)
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