Business NEWS

US Lender CIT Group goes bankrupt files for bankruptcy

By Elizabeth Haggar for CEOWORLD Magazine Updated:November 2, 2009


US lender CIT Group (NYSE:CIT) has filed for bankruptcy, the fifth largest in the country’s corporate history by assets at $71 billion.

CIT, which finances small and middle market businesses, has sought bankruptcy protection after the failure of its planned debt-exchange offer with bond holders.

The bankruptcy, which reflects the continuing credit woes in the US economy, is the largest following that of Lehman Brothers, Washington Mutual, Worldcom and General Motors. Going by estimates, only four entities had more assets than CIT, when they went bankrupt.

According to the court filing, CIT had total assets worth USD 71 billion while the liabilities stood at USD 64.9 billion, as on June 30, 2009.

At the time of bankruptcy, Lehman had assets to the tune of USD 691 billion, Washington Mutual ($328 billion), World Com ($104 billion) and General Motors ($91 billion).

Interestingly, four of the five bankruptcies — Lehman, Washington Mutual, General Motors and CIT- have happened in the wake of the financial meltdown.

CITGroup

Related Reading:

BusinessBusinessThe Ninth Edition of this bestselling introductory text features a completely up-to-date, comprehensive survey of the functional areas of business: ma... Read More >
Business, Second Edition: The Ultimate Resource (Business : the Ultimate Resource)Business, Second Edition: The Ultimate Resource (Business : the Ultimate Resource)The "Business Bible" that captured the imaginations and fueled the ambitions of readers from the boardroom to the mailroom has now been completely rev... Read More >
BusinessBusinessThe tenth edition of this best-selling introductory text features an up-to-date, comprehensive survey of the functional areas of business: management,... Read More >
The Secret Language of Business: How to Read Anyone in 3 Seconds or LessThe Secret Language of Business: How to Read Anyone in 3 Seconds or LessThe Secret Language of Business reveals the secrets of body language and nonverbal communication. Successful professionals need more than just good co... Read More >
Good to Great: Why Some Companies Make the Leap... and Others Don'tGood to Great: Why Some Companies Make the Leap... and Others Don't

The Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sust... Read More >

Share this Post:
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • email
  • FriendFeed
  • LinkedIn
  • MySpace
  • RSS
  • StumbleUpon
  • Technorati
  • Yahoo! Buzz
  • Identi.ca
  • PDF
  • Wikio
  • Mixx
  • Print
  • Propeller
  • SphereIt
  • Sphinn
  • Suggest to Techmeme via Twitter
  • Tipd
Sphere: Related Content

Author : Elizabeth Haggar

Author's Website | Articles from Elizabeth Haggar

Like this article!

Get our best articles delivered direct to your inbox at no cost. Sign up for CEOWORLD Magazine daily by entering your email below.


Readers Rating:
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...
Popularity:
17367 views
Leave a Comment:
add your comment
Tagged with: , , , ,
blog comments powered by Disqus


Follow CEOWORLD Magazine

82358 RSS & 8000 Twitter Subscribers

Enter your email address:

Post a Job on CEOWORLD Magazine

Jobs on ceoworld

CEOWORLD Magazine on Facebook

Market summary



CEOWORLD News

Trinity Mirror buys Guardian Media Group (GMG) Regional Media business

Trinity Mirror Plc (TNI.LN), a multimedia business with leading print, online and TV brands, announced Tuesday that it h [...]

Redpoint Ventures raises $400 mln for start-ups in the Social and mobile and clean technology

Redpoint Ventures, which helps entrepreneurs to build innovative businesses announced that it had closed a new $400 mill [...]

Foodie Love- Foursquare signs a deal with Zagat to create media and entertainment mix

Foursquare, a location based social network that incorporates gaming elements, signs a deal with restaurant rating guide [...]

Naspers and DST Forticom in talks to pool Polish social networks Gadu-Gadu and Nasza-klasa.pl

DST (Digital Sky Technology) -owned holding Forticom, a Russian Internet holding company which holds a 75 percent stake [...]

Entertainment media company Galleon Holdings acquires 19% Stake in Dragonfruit Studios

Entertainment media company Galleon Holdings Plc, has acquired a 19% stake in Dragonfruit Studios LLC for US$1m. US$500, [...]

Advertisement!

CEOWORLD Magazine

Poland Business Guide


cosmos yachting LLC

lucentbyte


Global business networking



An International Business and Online Marketplace offers B2B Leads & promoting B2B Products of Worldwide Importers & Exporters


Get Chitika Premium

Thank you!



Quick Links:     Journalist Association of Europe Member   ·   Careers   ·   Subscription   ·   CEOWORLD Exchange   ·   Contact Us   ·   Terms of Use   ·   About us   ·   Advertise