Tuesday, December 8, 2009

CIT Group seeks judge's OK on bankruptcy exit plan

Posted by Chris O'Sullivan

NEW YORK (Reuters) - U.S. small business lender CIT Group Inc headed to court on Tuesday to ask a New York bankruptcy judge for approval of its prepackaged reorganization plan.

The company, which filed for bankruptcy just weeks ago on November 1, is asking Judge Allan Gropper to approve the plan, which would pave the way for the company to exit bankruptcy protection.

"We think our plan has, in fact, satisfied the conditions for approval," Gregg Galardi, an attorney at Skadden Arps Slate Meagher & Flom representing CIT, said at the beginning of a court hearing on Tuesday.

CIT, which filed one of the five largest bankruptcies in U.S. history after a debt exchange offer failed, is hoping to reduce its debt by $10 billion under the reorganization plan.

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