Video - CIT Gives Bondholders Two Choices: Exchange Offer, or Prepackaged Bankruptcy

Late Thursday night CIT Group (CIT) announced its restructuring plan. Bondholders are being asked to exchange existing debt securities for either preferred stock, new notes, or a combination of both.

Watch now:

Watch more from the markets now:

Bookmark Market News Live and drop back whenever you need to stay ahead of today's markets.