CIT is looking for ninety percent of the money in order to avoid the filing. This is a very tense situation for retailers who need factoring loans from CIT in order to buy Christmas inventory. If they do not get the loans or look for alternative financing, they may go out of business.
CIT is trying to restructure the company by selling off some of its assets. Restructuring has become a popular way for businesses to avoid bankruptcy in the economic crisis in the U. S., since refinancing is unavailable.