CIT Considering Selling Assets

While CIT is waiting for the remaining $1 billion dollars from its bondholders, it is now considering selling off some of its assets and bankruptcy is still a possibility. At present CIT is trying to restructure out of court. They were denied additional bailout money by the Obama administration because they could not [...]

CIT Largest Provider of Factoring Loans

CIT’s financial woes are affecting the small and medium businesses’ prospects of receiving factoring loans in order to buy Christmas inventory. Factoring involves selling a business’ inventory for cash. Many small and medium businesses were dependent on CIT to provided loans for the purchase of inventory for Christmas. In return, the companies [...]

CIT Bondholders recommend restructure

CIT bondholders have recommended that CIT file for bankruptcy with the purpose of restructuring the debt. Firms often file for a Chapter 11 bankruptcy which allows them to restucture the debt to take advantage of lower interest rates.
However, this is not the end of the bank’s problems as they need another $700 billion to [...]

CIT and Bondholders Negotiating Over Release of Remaining $1 billion

CIT and its bondholders are negotiating how to release the remaining $1 billion dollars to CIT and have agrreed to provide the money by the end of July 1, 2009. CIT has pledged approximately $15 billion dollars in assets as collateral against the loan, which makes this transaction attractive for the bondholders.
CIT plans to [...]

CIT Rescued by Shareholders

CIT bank received a pledge of $3 billion from its shareholders to keep it from filing for bankruptcy. It will use $1 billion of it to pay a debt due in August. Although this is a fortunate event, it may still not be enough to keep it the red and the FDIC has [...]

Unfair Banking Fees

Two members of congress have pending proposals for new legislation limiting the amount of fees assessed on bank overdrafts and debit card charges. Senator Chris Dodd has proposed that the Federal Reserve finalize a rule to protect consumers from unfair overdraft fees on bank accounts. He suspects that the fees are new fees [...]

For Financing Needs….

It is unfortunate that CTI may file for bankruptcy, leaving many small and medium business at risk. However, there are alternatives to seeking loans. Business owners who need additional capital may consider taking an advance against their credit card processing proceeds with their merchant services providers.
This capital, known as business financial [...]

CIT Lending Profile

It appears that the Obama administration is firm about its decision to let the “chips fall where they may” with CTI Group, which was a major lender of DIP loans which were made to riskier business borrowers.
A review of ther lending profile is very revealing in that is is made up of 58.77% of defaulted [...]

CIT ends discussions with the government

CTI announced yesterday that it has ended negotiations with the Obama administration as it has been told that the U.S. will no longer extend monetary support to bail them out of an impending bankruptcy, desptie the reliance of thousands of retailers upon the company.
CTI has been a provider of funding to small and medium businesses [...]

Online security -the hope for the future

Although information technology companies have suffered along with all the other firms in this economic crisis, the future looks promising for them. Online security is still an issue with many companies, although, surprisingly, they only spend on an average of 1% on information technology services.
There are opportunities to assist the schools and [...]