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CIT的出路

gszy(灌水888)
本文发表在 rolia.net 枫下论坛New York-based CIT Group, one of the largest U.S. lenders to small and mid-size businesses, is preparing an exchange offer that would eliminate as much as 40 per cent of its more than $30-billion (U.S.) in outstanding debt, The Wall Street Journal said, citing anonymous sources. The exchange would hand control of the company over to its bondholders and wipe out common stockholders, according to the report.
如果真的bondholder接管了公司，那么普通股的股东就被wipe out了，再直白点就是清零

The Journal added that if the debt exchange with key bondholders fails, CIT Group would seek bankruptcy protection in order to restructure its operations. That would make CIT Group the fifth largest bankruptcy in U.S. history.
如果申请破产，CIT的股价怎样可以参照LEHMQ WAMUQ，估计名称会变成CITAQ啦

有没有第三条路？

昨天涨是有MERGE传闻，但是现在看来已经不可能了。今天早晨有过这么一条消息"Sept 30 (Reuters) - Citigroup Inc (C.N) and Barclays Capital, the investment banking division of Barclays Bank Plc (BARC.L), are offering to provide financing to U.S. commercial lender CIT Group Inc (CIT.N), Bloomberg said, citing people familiar with the situation." 如果这条消息实现了，FINANCING的条件肯定极为苛刻，但对现有股东或许是最LUCKY的结果。

丢掉幻想，CIT的股价还能站在1块以上和MARKETMAKER的做市规则有关，能炒吗？能，等明朗以后炒dead cat rebounce。更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#108249@43)
Last Updated: 2009-9-30
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  • CIT的出路 -gszy(灌水888); 2009-9-30 {1349} (#108249@43)
    本文发表在 rolia.net 枫下论坛New York-based CIT Group, one of the largest U.S. lenders to small and mid-size businesses, is preparing an exchange offer that would eliminate as much as 40 per cent of its more than $30-billion (U.S.) in outstanding debt, The Wall Street Journal said, citing anonymous sources. The exchange would hand control of the company over to its bondholders and wipe out common stockholders, according to the report.
    如果真的bondholder接管了公司，那么普通股的股东就被wipe out了，再直白点就是清零

    The Journal added that if the debt exchange with key bondholders fails, CIT Group would seek bankruptcy protection in order to restructure its operations. That would make CIT Group the fifth largest bankruptcy in U.S. history.
    如果申请破产，CIT的股价怎样可以参照LEHMQ WAMUQ，估计名称会变成CITAQ啦

    有没有第三条路？

    昨天涨是有MERGE传闻，但是现在看来已经不可能了。今天早晨有过这么一条消息"Sept 30 (Reuters) - Citigroup Inc (C.N) and Barclays Capital, the investment banking division of Barclays Bank Plc (BARC.L), are offering to provide financing to U.S. commercial lender CIT Group Inc (CIT.N), Bloomberg said, citing people familiar with the situation." 如果这条消息实现了，FINANCING的条件肯定极为苛刻，但对现有股东或许是最LUCKY的结果。

    丢掉幻想，CIT的股价还能站在1块以上和MARKETMAKER的做市规则有关，能炒吗？能，等明朗以后炒dead cat rebounce。更多精彩文章及讨论，请光临枫下论坛 rolia.net
    • 感谢灌水赐教 -kafar(挨踢人士); 2009-9-30 (#108250@43)
    • 下一个是谁？ -toml(nono); 2009-9-30 (#108271@43)
      • UCBH -gszy(灌水888); 2009-9-30 (#108272@43)
        • ucbh down a lot. it might fail -gszy(灌水888); 2009-10-2 (#109036@43)
    • CIT finalises debt exchange plan -informix(); 2009-9-30 {3399} (#108279@43)
      本文发表在 rolia.net 枫下论坛CIT finalises debt exchange plan

      By Henny Sender and Saskia Scholtes in New York

      Published: September 30 2009 23:04 | Last updated: September 30 2009 23:04

      CIT Group, the US commercial lender, was on Wednesday finalising a last-ditch attempt to avoid a bankruptcy filing with a restructuring plan that would offer bondholders a “take-it-or-leave-it” debt exchange.

      The company would apply for pre-packaged Chapter 11 bankruptcy ­protection – and default on $800m in debt due in November – unless bondholders agreed to specific concessions, according to a proposal being readied by advisers to CIT’s largest creditors.
      EDITOR’S CHOICE
      Peek gets more time at CIT - Sep-05
      CIT gains breathing space to restructure debt - Aug-17
      CIT gives New York Fed oversight of restructuring - Aug-13
      Scramble to avoid default delays CIT results - Aug-11
      CIT sweetens offer on $1bn debt - Aug-04
      CIT to provide $1bn to trade finance unit - Aug-01

      The plan would ask bondholders to agree to an exchange offer that would reduce the company’s $30bn of gross debt by between 30 per cent and 40 per cent. If CIT fails to win the necessary votes for the plan, the company would automatically switch to the bankruptcy option, under which bondholder losses would probably be far larger.

      Exchange offers usually consist of a combination of carrot and stick but analysts say this plan has a particularly big stick.

      “It is an innovative, total solution,” said one large creditor. “It is also an either-or situation. The offer can’t be amended and there can’t be any side deals.”

      As the market began to focus on the implications of the exchange offer, the price of debt due in November sank to 80 cents on the dollar on Wednesday, down from 87 cents on Tuesday. The proposal gives creditors ­virtually all the equity in the ailing CIT and requires a bigger cut in the price of the debt, especially for longer-dated paper, than many creditors expected.

      The structure of the exchange offer borrows heavily from game theory in an effort to compel creditors to go along with the offer. Holders of short-dated debt will get about 90 cents on the dollar, if enough sign on. But if the critical level of support is not secured, they will probably be looking at recoveries of no more than 70 cents on the dollar in bankruptcy. The plan is also structured to discourage lenders from using a common tactic in exchange offers – hoping their peers would support the offer and then pay remaining holdouts 100 cents on the dollar to go away.

      Both the debt exchange offer and the prepackaged bankruptcy would aim to provide a comprehensive restructuring of CIT’s balance sheet. The company then hopes to win regulatory approval to transfer business lines from the parent to the bank holding company, and then try to attract deposits to fund the business.

      CIT ran aground when its funding model of borrowing cheaply in the short-term wholesale markets broke down. The company secured $3bn of rescue finance from a group of bondholders in the summer but this is more expensive than the money it charges its own borrowers. The terms of that finance require the company to file a restructuring plan by Thursday.

      Copyright The Financial Times Limited 2009. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.更多精彩文章及讨论，请光临枫下论坛 rolia.net
      • If CIT fails to win the necessary votes for the plan, the company would automatically switch to the bankruptcy option. -gszy(灌水888); 2009-9-30 {172} (#108288@43)
        no more merge rumors. it's one way or the other. neither way is good for current shareholders. let's watch it closely tomorrow. decision would be made tomorrow afternoon.
    • Thx. I had c @ last Friday and out @ today in the opening. so I do not lose money because of your news. Thx again -1sand(一粒尘埃); 2009-10-1 (#108621@43)

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