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Business Briefing / The Economy

CIT reportedly eyes Chapter 11

July 11, 2009|TIMES WIRE REPORTS

CIT Group Inc., a lender to small and midsize businesses, is preparing for a possible bankruptcy filing after so far failing to win a government guarantee to help it borrow, according to a published report.

An unidentified source told the Wall Street Journal that CIT was still hopeful it would win access to a federal guarantee program because "the government has not said absolutely no to anything."

CIT declined to comment. The New York company received $2.3 billion from the Troubled Asset Relief Program in December after becoming a bank holding company.

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