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发表于 2-11-2009 09:01 AM
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Nov. 1, 2009, 4:28 p.m. EST · Recommend (7) · Post:
CIT files for bankruptcy protection after rescues fail
Lender lost access to financing when crisis felled shadow banking system
SAN FRANCISCO (MarketWatch) -- CIT Group Inc., in one of the biggest corporate bankruptcies ever, filed for Chapter 11 protection in New York on Sunday.
CIT /quotes/comstock/13*!cit/quotes/nls/cit (CIT 0.72, -0.23, -24.21%) , a major lender to small and midsize businesses, has struggled to avoid collapse since the recession triggered billions of dollars in loan losses and the financial crisis cut the company off from its main source of financing.
"The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy," Chairman and CEO Jeffrey M. Peek said in a statement.
With roughly $60 billion in assets, CIT's filing is probably the fourth-largest bankruptcy in U.S. history, ranking between General Motors /quotes/comstock/11i!mtlqq (MTLQQ 0.59, -0.02, -3.28%) and Enron. The bankruptcy of Lehman Brothers /quotes/comstock/11i!lehmq (LEHMQ 0.12, -0.01, -6.92%) , which collapsed last year, was the biggest.
CIT asked the U.S. government for a bailout earlier this year, but despite the company's large business-lending operations, it wasn't deemed too big to fail. See story on government rejecting CIT.
That contrasts with other financial-services companies like American International Group /quotes/comstock/13*!aig/quotes/nls/aig (AIG 33.62, -2.63, -7.26%) , Citigroup /quotes/comstock/13*!c/quotes/nls/c (C 4.09, -0.22, -5.10%) and Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 14.58, -1.15, -7.31%) , which have received more than $100 billion of government support since last year.
In October, CIT unveiled two different reorganization plans. One involved exchanging some debt, while the other was a voluntary pre-packaged bankruptcy restructuring. On Friday, activist investor Carl Icahn, a big CIT debt holder, said he was voting for the pre-packaged reorganization plan. That made such a filing more likely. See story on CIT's agreement with Icahn.
CIT was hit hard by the global financial crisis in two main ways. As the economy ground to a halt and unemployment surged, more of the company's loans went bad and it reported billions of dollars in losses over multiple quarters.
More importantly, CIT was one of the largest nonbank lenders in the world, a big part of the so-called shadow banking system that collapsed when the financial crisis erupted last year.
Roughly three-quarters of CIT's funding came from the unsecured debt market, but the company was shut out of this market as the crisis deepened. Bank deposits, considered a more stable source of money, made up 0% to 5% of CIT's funding.
CIT became a bank-holding company and got $2.3 billion from the government's Troubled Asset Relief Program in December. But that didn't solve its long-term problem: how to borrow money at competitive rates so it could continue lending.
CIT applied for a debt guarantee program run by the Federal Deposit Insurance Corp. but was rejected. Efforts to shift more of its assets to its banking unit, CIT Bank, have also hit hurdles.
CIT's bankruptcy will likely mean that the Treasury Department loses the $2.3 billion it invested in the company -- the biggest loss from TARP so far.
Alistair Barr is a reporter for MarketWatch in San Francisco. |
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发表于 2-11-2009 12:08 PM
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发表于 2-11-2009 12:52 PM
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回复 42# 葉芬 的帖子
小芬我没有,在下的话我要卖血了!如果两毛的话明天能进吗? |
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发表于 2-11-2009 12:58 PM
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发表于 2-11-2009 02:06 PM
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回复 42# 葉芬 的帖子
我中了CNB的伤。金融股,怕!怕!
看了您的帖,我叫朋友把CIT卖了(小 赚 了 一 点〕
她 还 要 等 它 升,现在才。。。。。 |
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发表于 2-11-2009 02:14 PM
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原帖由 乐静思 于 2-11-2009 02:06 PM 发表 
我中了CNB的伤。金融股,怕!怕!
看了您的帖,我叫朋友把CIT卖了(小 赚 了 一 点〕
她 还 要 等 它 升,现在才。。。。。
你中一只CNB。。
我就比較 “幸運” 中2只 BKUNA 及 CNB。。 
所以現在都不買小的金融股了。 |
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发表于 2-11-2009 02:45 PM
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美貸款機構CIT宣佈破產
國際 即時新聞 2009-11-02 12:30
有百年歷史、美國最大的中小企業商業貸款機構CIT集團申請破產保護,成為美國第5大的企業破產案。 |
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发表于 2-11-2009 03:21 PM
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Very lucky i didn't buy! |
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发表于 2-11-2009 03:38 PM
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好怀念拥有 CIT 的那段日子........ |
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发表于 2-11-2009 03:59 PM
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美国CIT申请破产保护 力争两个月脱离破产保护
美国商业银行CIT (CIT)周日在纽约申请破产保护,这家百年老店以其710亿美元的资产成为美国历史上第五大破产个案。 排在CIT之前的前四大破产个案分别是雷曼兄弟控股公司(Lehman Brothers Holdings Inc. )、Washington Mutual Inc.、Worldcom Inc.以及通用汽车公司(General Motors Co.)。 CIT债务总计649亿美元,该公司在纽约南区破产法院申请破产保护。
CIT表示,包括犹他州银行CIT Bank在内的旗下各营运子公司均不在此次申请破产保护之列,申请破产保护的仅包括母公司CIT Group Inc.以及CIT Group Funding Company of Delaware。 在该公司申请破产保护之前,其逾300亿美元、以新债加股票置换旧债的债务置换计划未能获得债券持有人的通过。不过,90%的债券持有人批准了该公司的重组计划。CIT在公告中表示,这一计划将削减100亿美元的债务,CIT寻求快速确认这一计划;重组计?菇?谖蠢?年降低对流动性的要求,改善资本比率并加速实现重新盈利。 CIT表示,力争在自申请破产保护之日起的两个月内脱离破产保护。 |
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发表于 2-11-2009 04:10 PM
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发表于 2-11-2009 04:13 PM
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发表于 2-11-2009 04:17 PM
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发表于 2-11-2009 04:24 PM
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发表于 2-11-2009 04:31 PM
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发表于 2-11-2009 04:33 PM
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CIT聲請破產保護‧美政府23億美元注資恐蒸發
即時新聞 國際財經 2009-11-02 15:26
(美國‧紐約)CIT集團申請破產保護,以減少負債100億美元,因信貸危機導致這家擁有101年歷史的商業貸款公司資金枯竭,並且華府紓困和債務交換方案失敗。 |
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发表于 2-11-2009 04:39 PM
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原帖由 仙家大炮王 于 2-11-2009 03:59 PM 发表 
美国CIT申请破产保护 力争两个月脱离破产保护
美国商业银行CIT (CIT)周日在纽约申请破产保护,这家百年老店以其710亿美元的资产成为美国历史上第五大破产个案。 排在CIT之前的前四大破产个案分别是雷曼兄弟控 ...
要是够勇的话,可以趁大跌,买一点来博.
看样子是要借用破产保护,来实行重组计划. 两个月后可能是条猛龙.
[ 本帖最后由 m.i.k.e 于 2-11-2009 04:40 PM 编辑 ] |
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发表于 2-11-2009 05:14 PM
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发表于 2-11-2009 05:32 PM
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发表于 2-11-2009 05:34 PM
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CIT GROUP INC (DEL)(NYSE: CIT)
After Hours: 0.35 N/A (N/A) 4:19am |
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