Barclays Capital and Citigroup Inc. (C) have offered to provide
financial assistance to CIT Group Inc. (CIT) to avert bankruptcy,
Bloomberg News reported Wednesday, citing sources.
Company bondholders are also looking to seeking to provide about
$2 billion in loans with a restructuring deadline approaches, the
report on Bloomberg's Web site said.
CIT, Citi and Barclays spokespersons all declined comment,
according to Bloomberg. No other details were immediately
available.
The company warned in July it may be forced to file for
bankruptcy protection, after it failed to get additional aid from
government officials for any form of rescue. The company secured a
$3 billion rescue loan from a group of its six largest bondholders,
including Pacific Investment Management Co., Oaktree Capital,
Silver Point Capital, and Centerbridge Partners, at the end of
July.
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