CNBC - Published: Sunday, 1 Nov 2009 | 8:56 PM ET
By: Reuters
"CIT filed for bankruptcy protection on Sunday, and said its creditors have already approved its reorganization plan.
The bankruptcy was long expected and followed a struggle to deal with its debt burden amid the credit crunch and recession, and paves the way for it to restructure its liabilities.
Under the plan announced on Sunday, CIT expects to reduce total debt by about $10 billion. The company's operating units are not in bankruptcy, and plan to continue lending."
Don't think the carnage you are foreseeing will happen.
5th largest us bankruptcy comming soon..., page-20
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