This One Is Going To Hurt.
By
Randy-G
on November 1, 2009 at 04:19 pm
CIT files for Chapter 11 bankruptcy protection
CIT Group seeks prepackaged reorganization in New York bankruptcy court,
* By Stephen Manning, AP Business Writer
* On 5:50 pm EST, Sunday November 1, 2009
WASHINGTON (AP)—After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.
The Nikkei opened down 3% today, I am sure our markets will react similar.
CIT is the financier for about 2,000 vendors that supply merchandise to more than 300,000 stores, many of which are gearing up for the critical holiday shopping season. They rely on the lender to cover costs ranging from paying for orders to making payroll. Any disruption caused by bankruptcy could wreak havoc on their operations, Joe Alouf, a partner with Eaglepoint Advisors, a crisis management company that is partly owned by Kurt Salmon Associates.
“CIT is the 600-pound gorilla in the industry,” Alouf said.
Thank God the recession is over and the “O"bummer administration has the economy on the right track. The Dow hit 10,000 again recently you know, it may not make it back there this year after the rest of the dominoes start falling. And more dominoes are going to fall. Turbo tax “Timmy” has more problems then he is telling.
More if you care,
http://finance.yahoo.com/news/CIT-files-for-Chapter-11-apf-1202955938.html?x=0&sec=topStories&pos=2&asset=&ccode=
CIT Group seeks prepackaged reorganization in New York bankruptcy court,
* By Stephen Manning, AP Business Writer
* On 5:50 pm EST, Sunday November 1, 2009
WASHINGTON (AP)—After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.
The Nikkei opened down 3% today, I am sure our markets will react similar.
CIT is the financier for about 2,000 vendors that supply merchandise to more than 300,000 stores, many of which are gearing up for the critical holiday shopping season. They rely on the lender to cover costs ranging from paying for orders to making payroll. Any disruption caused by bankruptcy could wreak havoc on their operations, Joe Alouf, a partner with Eaglepoint Advisors, a crisis management company that is partly owned by Kurt Salmon Associates.
“CIT is the 600-pound gorilla in the industry,” Alouf said.
Thank God the recession is over and the “O"bummer administration has the economy on the right track. The Dow hit 10,000 again recently you know, it may not make it back there this year after the rest of the dominoes start falling. And more dominoes are going to fall. Turbo tax “Timmy” has more problems then he is telling.
More if you care,
http://finance.yahoo.com/news/CIT-files-for-Chapter-11-apf-1202955938.html?x=0&sec=topStories&pos=2&asset=&ccode=
