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CIT receives $4.5 billion from lenders

October 29, 2009|Times Wire Reports

CIT Group Inc., a large lender to small and mid-size businesses, said it received $4.5 billion in credit from its own lenders and bondholders in its effort to avoid collapse.

The company, which has been trying for months to restructure its operations and reduce its debt, faces pressure from billionaire investor and bondholder Carl Icahn, who has been trying to get investors to reject the company's restructuring plan.

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