CIT Group Inc. today announced that the U.S. Bankruptcy Court for the Southern District of New York has scheduled a hearing to consider the confirmation of CIT’s prepackaged plan of reorganization for Tuesday, December 8, 2009.
CIT Group Inc. and CIT Group Funding Company of Delaware LLC received the relief they sought from the court with respect to CIT’s “first day” motions, allowing the company to continue its usual everyday operations.
John Daly, president of CIT Trade Finance, said, “We continue to do business as usual. We remain in constant communication with our clients to ensure that their factoring needs are being met and that they are able to continue to access the services they need to run their business— credit is being approved, invoices are being collected and funds are being remitted. The overwhelming support of our debtholders will serve as a strong tailwind as we work to execute our plan of reorganization in an efficient and expeditious manner.”