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CIT Group Inc. has announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the company's prepackaged plan of reorganization. The confirmed Plan reduces CIT's total debt by approximately $10.5 billion while deferring debt maturities for three years, and also enhances capital ratios to levels that exceed regulatory requirements. With its strengthened financial position, CIT will now focus on its business restructuring and the execution of a smooth leadership transition. CIT continues to make progress on the reconstitution of its Board of Directors. Ultimately, CIT's new Board will consist of 13 Directors, including seven new independent Directors identified by CIT's debtholders, five continuing directors and a new Chief Executive Officer to replace outgoing CEO, Jeffrey M. Peek.
CIT has indicated that it anticipates a prompt emergence from bankruptcy and upon its discharge from Chapter 11, CIT will be committing $500 million to support its Small Business Lending group to fund government guaranteed loans in the Small Business Administration 7a and 504 lending programs, as well as $1 billion in funding for its Vendor Financing operating segment. These commitments are in addition to the previously announced $1 billion in funding for its Trade Finance operating segment, which provides factoring services for mid-sized businesses. CIT also expects to generate new loans across its other lending and leasing platforms in 2010.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.