China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
CIT says secures $3 bln credit facility
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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)
