CIT Shares Rally as Company Seeks to Avoid Bankruptcy

CIT Group may not declare bankruptcy after all. Reports say that the beleaguered lender may receive as much as $3 billion from Goldman Sachs and JPMorgan Chase, while bondholders are said to be considering a debt-for-equity exchange, a deal that could relieve CIT’s cash crunch. These rumors pushed shares of the teetering financing company up over 70% today.

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