CIT Group again amends debt exchange offer
Heath Combs -- Home Textiles Today, 10/26/2009 8:59:00 AM
New York — Troubled lender CIT Group again amended its offer last week for a debt exchange to gain support for its restructuring plan in an effort to fend off bankruptcy.
The company, a major factoring lender to the retail and home furnishings industries, increased the interest rate payable on its Series B notes from 9% to 10.25% and extended the date for acceptance from Oct. 29 to Nov. 5.
Two weeks ago, CIT had upped its offer on Series B notes to 9% from 7% to entice more support from holders of its bonds.
Also last week, investor Carl Icahn, who has said he is the largest holder of CIT debt, offered to loan CIT Group $6 billion in place of the debt restructuring plan proposed by the lender.
Icahn Enterprises, one of Icahn’s ventures, owns home textiles supplier and manufacturer West Point Home.
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