CIT Confirms $3 Billion Financing Deal

By: Associated Press Email
By: Associated Press Email

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Commercial lender CIT Group Inc. confirmed late Monday that it has secured a $3 billion bailout from its bondholders, saving the company from bankruptcy protection.

It's a new twist in the financial crisis: A major bank on the verge of a last-minute rescue -- only this time the bailout isn't coming from the government.

The deal marks the first time since the banking crisis erupted that private investors are stepping in to save a big financial firm without federal help or oversight.


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