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