Financial Times FT.com

US banks

CIT creditors back protection plan

By Henny Sender in New York

Published: October 30 2009 23:27 | Last updated: October 30 2009 23:27

Creditors of CIT voted overwhelming to support a prepackaged bankruptcy protection filing, ending months of uncertainty for the troubled US commercial lender, as activist investor Carl Icahn threw his support behind the filing at the last moment.

The filing could come as early as Sunday and affects only the holding company and one finance unit.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this