CIT Group, the US commercial lender that filed for bankruptcy this week, was granted a December 8 hearing for its reorganisation plan, giving the company a shot at exiting bankruptcy by the end of the year.

Judge Allan Gropper set the hearing after approving all of CIT’s routine initial motions, allowing CIT to pay employees and vendors, and to borrow an interim $125m from a total $500m “debtor in possession” loan from Bank of America. Debtor in possession financing gives companies the funds to continue to operate while in bankruptcy.