CIT Enters into Restructuring Plan Support Agreement
Carl Icahn and Obtains Incremental $1 Billion Committe
of Credit from Icahn Capital LP
October 30, 2009 01:18 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses
market companies, today announced that it has entered into an agreement with Carl Icahn to support its restructuring plan and secur
$1 billion committed line of credit from Icahn Capital LP to provide supplemental liquidity for CIT as it pursues that plan.
This new line of credit may be drawn by the Company on or prior to December 31, 2009, subject to definitive documentation and
conditions, and may be drawn as debtor-in-possession financing in the event of bankruptcy. Together with CIT’s $4.5 billion expan
announced on October 28, 2009, and other available sources of liquidity, the line of credit will further enhance CIT’s liquidity durin
its restructuring plan and ensure its ability to serve its existing small business and middle market customers.
For Additional Information
Further information about the Company and its restructuring plan is available at www.cit.com
Evercore Partners, Morgan Stanley and FTI Consulting are the Company’s financial advisors and Skadden, Arps, Slate, Meagher
legal counsel in connection with the restructuring plan. Sullivan & Cromwell is legal advisor to CIT’s Board of Directors.
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial produc
services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparall
of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and
lending, retail finance, aerospace, equipment and rail leasing, and v