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wo ist dein versprochener Trauerthread? ;)
Kannst ihn so langsam mal einrichten:)
The company, which is looking at selling off some assets, is most likely to sell its aviation-finance and rail-finance operations, the Journal said, adding that CIT’s analysis is still in early stages. CIT leases airplanes to 100 airlines around the world, and owns 116,000 railcars, which are leased to shippers and railroads.
According to the Journal, the lender is likely to keep its corporate-finance department, its largest division, and its factoring business, which provides trade finance to retailers and small retail vendors. Less certain is the fate of CIT’’s vendor-financing operation –a division that allows companies to finance their customers purchase — which is losing business rapidly. Earlier this week, in another setback for the struggling commercial lender, Microsoft Corp. (NASDAQ:MSFT) said it terminated its vendor-financing relationship with the CIT Group, saying the lender will continue to service existing loans, but a plan is in place for new customers to receive financing through other vendors.
CIT averted a crisis and bought some time by securing a $3 billion loan facility from a group of its largest bondholders over the weekend, allowing it to avoid bankruptcy for the time being. Despite raising billions in emergency financing, CIT’s future remains uncertain. The lender is trying to restructure its debt out of court, but the lead adviser to some bondholders, notes the Journal, told them on a call Wednesday that a bankruptcy at CIT remains a distinct possibility next month.
http://wallstreetpit.com/...nsiders-selling-aviation-rail-finance-ops
July 24 (Bloomberg) -- CIT Group Inc., the commercial lender seeking to avoid collapse, may sell units that lease railcars and aircraft to raise cash, said a person with knowledge of its plans.
The railcar business is the most likely to be sold, and CIT has identified about a half dozen potentially interested bidders, the person said, speaking on condition of anonymity because the talks are private. No final decisions on which units will be kept or sold have been made, the person said. CIT put the unit up for sale last year, only to take it off the market when bids came in below expectations, the person said.
CIT Chief Executive Officer Jeffrey Peek is fighting to keep bankruptcy at bay after lining up a $3 billion rescue loan from bondholders when his normal sources of funding dried up. Denied a U.S. government bailout, the 101-year-old lender is weighing asset sales as it seeks to persuade bondholders to participate in a debt swap next month to reduce its outstanding obligations.
Earlier this year, Warren Buffett’s Berkshire Hathaway Inc. and Leucadia National Corp. bid for parts of CIT and were rebuffed, the Wall Street Journal reported yesterday.
CIT shares traded at 72 cents in Germany, a 2.7 percent decline on their 74-cent close in New York yesterday.
Curt Ritter, a CIT spokesman, declined to comment. CIT funds about 1 million businesses from Dunkin’ Brands Inc. in Canton, Massachusetts, to Eddie Bauer Holdings Inc., the bankrupt clothing chain in Bellevue, Washington. The firm was founded in 1908 and was once known as Commercial Investment Trust.
Aircraft Leasing
CIT’s railcar leasing operation is the third-largest in the U.S., with over 116,000 railcars, according to CIT’s Web site. The aircraft-leasing business, with about 300 aircraft, is also the third-largest, behind General Electric Co. with 1,500, and the 980 held by International Lease Finance Corp., a unit of American International Group Inc.
General Electric offered a loan to CIT of at least $2 billion secured by aircraft, people with knowledge of the matter said on July 21. CIT rejected the offer in favor of the $3 billion loan from a group of bondholders.
Before the global financial crisis struck in 2007, CIT relied in part on issuing unsecured debt in the capital markets to fund its operations. That source of funding has dried up, and CIT drew down credit lines from its lenders and became a bank last year in a bid to qualify for federal help.
Debt Swap
On July 15, CIT said talks with federal regulators had ended without a rescue. Instead, CIT negotiated a $3 billion loan from some of its biggest bondholders to buy time while it tries to restructure its debt outside of bankruptcy.
Bondholders including Pacific Investment Management Co. that provided the loan got a 5 percent fee for the first $2 billion of the rescue, and annual interest of at least 13 percent. On top of that, the New York-based company pledged assets worth more than five times the amount of the loan as collateral.
In the debt swap, holders of $1 billion of floating-rate notes due Aug. 17 are being asked to accept 82.5 cents on the dollar for the debt.
Advisers to the bondholders that provided the financing may push the company into Chapter 11 bankruptcy after the debt swap, according to people with knowledge of the matter.
“Plan A is to get the tender offer successfully closed and promptly complete exchange offers out of court,” Jeffrey Werbalowsky, chief executive officer of bondholder adviser Houlihan Lokey Howard & Zukin, said yesterday in an interview. If that fails, “of course we have plan Bs,” he said.
The August notes fell below the tender-offer price yesterday, dropping 4.4 cents to 79.4 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. CIT’s $500 million of 4.125 percent notes maturing in November fell 1.5 cent to 60 cents on the dollar, Trace data show.
http://www.bloomberg.com/apps/news?pid=20601103&sid=ayDhcHPKxVYQ
CIT dürfte vor der Pleite stehen
Datum 24.07.2009 - Uhrzeit 13:56 (© BörseGo AG 2000-2009, Autor: Huber Christoph, Redakteur, © GodmodeTrader - www.godmode-trader.de/) www.godmode-trader.de/front/ajax/...egoryId=&site=godmode" style="max-width:560px" alt="" />New York (BoerseGo.de) - Das Traditions-Finanzhaus CIT Group machte im Ringen um die Abwendung eines Bankrotts auf die Wahrscheinlichkeit eines Gläubigerschutzverfahrens aufmerksam. Wie der bedeutende Finanzierer für mittlere und kleine Unternehmen am Freitag zu verstehen gab, wird ein Antrag auf Gläubigerschutz wegen Risiken hinsichtlich der Inanspruchnahme von Krediten durch Kunden selbst dann erforderlich, falls eine Angebotsfrist für Schuldscheine zur erfolgreichen Annahme gelangt.
Das New Yorker Institut legte in dieser Woche an Anleihegläubiger ein Angebot für eine Not-Finanzierung im Volumen von 3 Milliarden Dollar. Es bestehe jedoch das Risiko, dass die 3 Milliarden Dollar-Kreditlinie nicht ausreicht, um die eigenen Verbindlichkeiten zu sanieren, heißt es weiter von dem Konzern.
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Wertung | Antworten | Thema | Verfasser | letzter Verfasser | letzter Beitrag | |
14 | Wertpapier - Frühwarnsystem? | Odolando | schnuffel | 27.12.23 18:23 | ||
6 | 804 | CIT GROUP - Bluff mit unmittelbarer Insolvenz | MENATEP | BOSSSTGT | 04.05.12 17:30 | |
226 | das gewisse | kommen wir zu sa. | Christoph Siegler | 21.04.10 20:26 | ||
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