Does Icahn offers to buy outstanding CIT Group debt (AP) ?”
NEW YORK (AP) — Billionaire investor Carl Icahn offered Tuesday to buy certain classes of debt from CIT Group Inc. bondholders as he tries to thwart a restructuring plan by the commercial lender. Related Quotes Symbol Price Change CIT 0.98 -0.09 Chart for CIT GROUP INC (DEL) {“s” : “cit”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Icahn said in a letter he will pay those bondholders 60 cents on the dollar for their bonds if they agree to reject CIT’s debt restructuring plan. New York-based CIT, one of the largest U.S. lenders to small and mid-sized businesses, is trying to get bondholders to swap existing debt for new debt that matures later and stock. CIT is trying to reduce its near-term debt maturities by $5.7 billion. On Monday, CIT sweetened its exchange offer for a second time in two weeks in an apparent sign debtholders are balking at the program. Icahn said CIT’s restructuring plan is unfair to small bondholders. He is offering to buy CIT’s classes of fixed-rate notes whose pri
Icahn offers to buy outstanding CIT Group debt Billionaire investor Carl Icahn offered to buy certain classes of debt from CIT Group Inc. bondholders as he tries to thwart a restructuring plan by the commercial lender. Icahn said in a letter he will pay those bondholders 60 cents on the dollar for their bonds if they agree to reject CIT’s debt restructuring plan. New York-based CIT, one of the nation’s largest lenders to small and mid-sized businesses, is trying to get bondholders to swap existing debt for new debt that matures later and stock. CIT is trying to reduce its near-term debt maturities by $5.7 billion. On Monday, CIT sweetened its exchange offer for a second time in two weeks in an apparent sign debtholders are balking at the program. Icahn said CIT’s restructuring plan is unfair to small bondholders. He is offering to buy CIT’s classes of fixed-rate notes whose principal totals less than $100 million. Icahn’s offer does not include the purchase of floating rate notes, fore
