The CIT Rescue on StockTwits
- kileyay
- July 20th, 2009
Futures are up this morning on news that lender CIT Group Inc. ($CIT) has found its own lender of last resort. On Sunday, six of CIT’s largest private equity bondholders agreed to provide $3 billion in last-minute rescue financing. The cash influx will buy time for CIT to restructure itself.
The logic behind the bailout? The bondholders figured they’d lose more with a CIT bankruptcy than they would if they offered the rescue.
Shares are selling for around $1.30 pre-market, up from $0.69 at the close Friday. The StockTwits community is all over it:
Stay tuned to the CIT Stream on StockTwits for more.
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