Non-Position Update: CITby The Fly on March 20th, 2008 at 9:12 am |
Another financial eating pavement.
(CIT: 10.31 0.00%)
| CIT CIT Group takes liquidity action, announces it is drawing upon its $7.3 bln in unsecured U.S. bank credit facilities (7.94Â -3.70) -Update- | |
| Co announces that it is drawing upon its $7.3 bln in unsecured U.S. bank credit facilities. The co will use the proceeds to repay debt maturing in 2008, including commercial paper, and provide financing to its core commercial franchises. Over the near term, the co will continue to actively seek additional funding sources, as well as explore and execute on the sale of non-strategic assets and/or business lines. “Our decision today is a result of the protracted disruption in the capital markets as well as recent actions by the rating agencies. It provides us with added flexibility and ensures that our clients have the financing they need to operate and grow their businesses successfully. We are actively positioning CIT to maximize value by optimizing our business portfolio and sizing our company to market conditions.” Co will host a conference call at 4:00 PM EDT today. (stock is halted) |
There are so many people here commenting stuff. I’m not trying to correct your mistakes, I’m just not agree with any single word
April 6th, 2008 at 2:30 pm