CIT Group Inc. (CITGQ.PK) said that the United States Bankruptcy Court for the Southern District of New York has confirmed the company's prepackaged plan of reorganization. CIT also said it expects emerging from bankruptcy on December 10.
If the plan of reorganization is implemented, CIT's total debt will be reduced by about $10.5 billion, while deferring debt maturities for three years and also enhances capital ratios to levels that exceed regulatory requirements.
With its strengthened financial position, CIT will now focus on its business restructuring and the execution of a smooth leadership transition. The company has also committed for financing to support small business and middle market lending.
CIT said it continues to make progress on the reconstitution of its board. The company's new board will consist of 13 directors, including seven new independent directors identified by CIT's debtholders, five continuing directors and the new chief executive officer of CIT.
CIT's new Common Stock will be listed on the New York Stock Exchange under the ticker symbol "CIT" and the company expects the stock will begin trading on the exchange upon the Plan's consummation. In aggregate, CIT will issue 200 million shares of new common stock to eligible debt holders in exchange for their claims against the debtors.
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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.