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Business Briefing / Lending

Icahn seeks debt of CIT Group

October 28, 2009|Times Staff and Wire Reports

Billionaire investor Carl Icahn has offered to buy certain classes of debt from CIT Group Inc. bondholders as he tries to defeat a restructuring plan by the commercial lender.

Icahn said in a letter that he would pay those bondholders 60 cents on the dollar for their bonds if they agreed to reject New York-based CIT's debt restructuring plan.

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