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CIT Group eyes rescue options
CIT Group is understood to be eyeing a loan of up to $7bn if a planned debt exchange offer fails and the commercial lender has to file for pre-packaged bankruptcy. The board of the lender, which caters to small and mid-sized businesses, is understood to have been meeting to consider a restructuring plan. Under the terms of a rescue loan CIT received in July, yesterday was the deadline for the company to come up with a restructuring plan agreeable to lenders.