CIT Group Inc. (CITGQ.PK) said that the holders of class 7, Canadian senior unsecured notes, and class 8, senior unsecured notes maturing after 2018 overwhelmingly approved its prepackaged plan of reorganization.
The company also said it is giving eligible holders of class 8 long-dated senior note claims, who did not vote to accept the plan, another chance to elect impaired treatment under the plan and to receive new notes and common stock on the same terms as class 8 noteholders who voted in favor of the plan. The company is giving these holders until December 4 to make this optional election.
With overwhelming and broad support from its debtholders, the company's board voted to proceed towards confirmation of the plan on November 1.
Under the plan, CIT expects to reduce total debt by about $10 billion, significantly reduce its liquidity needs over the next three years, enhance its capital ratios and accelerate its return to profitability.
The U.S. Bankruptcy Court for the Southern District of New York scheduled a hearing to consider the confirmation of the plan for December 8.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.