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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.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.