"...CIT launched the cash-offer for $1 billion worth of senior notes due Aug. 17. It is offering $825 for each $1,000 worth of notes tendered on or before July 31, and $800 for notes tendered between Aug. 1 and Aug. 17. Lenders involved in the bailout deal have agreed to tender all of their Aug. 17 notes, CIT said. The company and the steering committee of bondholders now will work on drawing up a number of debt swap offers designed to alleviate CIT's debt burden and further shore up the company's cash position. Failing to garner enough tender offers for the upcoming debt could force it to file for bankrupcy protection, CIT disclosed in the SEC filing."
i have not received anything yet for my CIT bond holdings. hopefully something coming in the mail. my investment is deemed to loose money since i bought it at 91...
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