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Archive Home > 2009 > November > 02 > CIT files for bankruptcy protection

CIT files for bankruptcy protection

Government likely to lose $2.3 billion it pumped into ailing company

By Stephen Manning / The Bulletin
November 2, 2009

WASHINGTON — 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 midsized and small businesses.

CIT made the filing in New York bankruptcy court....

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