No Credit Exposure Involved in Trustee Role
WILMINGTON, Del.--(Business Wire)--
Wilmington Trust, a leading provider of institutional trustee, agency, and
administrative services through its Corporate Client Services (CCS) business,
said today that it is serving as trustee for certain equipment financing
transactions involving CIT Group Inc. (CIT), which filed for Chapter 11
protection on Sunday, November 1, 2009 in the United States Bankruptcy Court,
Southern District of New York.
News reports may have led some observers to believe that Wilmington Trust has
loaned money to CIT Group. In fact, Wilmington Trust is not a creditor of CIT
Group. Wilmington Trust serves as indenture trustee, transfer agent, registrar,
and paying agent in various equipment financing transactions involving CIT.
Wilmington Trust is paid a fee for these providing these trustee services. CIT`s
bankruptcy has no effect on Wilmington Trust`s balance sheet, credit quality, or
financial condition.
Wilmington Trust`s CCS business offers institutional trustee, agency, asset
management, retirement plan, and administrative services for clients worldwide
who use capital market financing structures, as well as those who seek to
establish or maintain nexus, or legal residency, for special purpose entities.
Because Wilmington Trust does not underwrite securities offerings or provide
investment banking services, it is able to deliver corporate trust services that
are conflict-free.
Wilmington Trust Corporation (NYSE:WL) is a financial services holding company
that provides Regional Banking services throughout the mid-Atlantic region,
Wealth Advisory Services for high-net-worth clients in 36 countries, and
Corporate Client Services for institutional clients in 88 countries. Its wholly
owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is
one of the largest personal trust providers in the United States and the leading
retail and commercial bank in Delaware. Wilmington Trust Corporation and its
affiliates have offices in Arizona, California, Connecticut, Delaware, Florida,
Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel
Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Wilmington Trust Corporation
News Media
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
or
Investors and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
Copyright Business Wire 2009
