December 8, 2009 / 4:41 PM / 8 years ago

CIT expects to emerge from bankruptcy within days

<p>A morning commuter walks past the CIT Group Inc. building in New York in this November 2, 2009 file photo.Brendan McDermid</p>

(Reuters) - CIT Group Inc said on Tuesday it anticipates it will emerge from bankruptcy on December 10, 2009.

Other highlights:

* Prepackaged plan of reorganization confirmed by court

* Says upon emergence committing $500 million to support small business lending group

* Says these commitments are in addition to previously announced $1 billion in funding for trade finance operating segment

* Says new board will consist of 13 directors, including seven new independent directors identified by CIT's debtholders

* Says expects to generate new loans across its other lending and leasing platforms in 2010

* Will issue 200 million shares of new common stock to eligible debt holders in exchange for claims against the debtors

Bangalore Equities Newsroom

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