USA - CIT offers to exchange its debt, bankruptcy does not eliminate

The U.S. specialist credit to small and medium enterprises has also asked its bondholders to approve a reorganization plan which would be voluntarily placed under the protection of Chapter 11 of bankruptcy law on failure plan to swap debt. CIT said Thursday that nearly one third of its bondholders have agreed to participate in the exchange or were cast in favor of the plan preparation bankruptcy. Under the terms of the exchange offer, holders of debt would receive new bonds in proportions corresponding to the volumes they currently hold. This exchange offer, which should enable it to reduce its debt by at least 5.7 billion dollars will expire October 29.