Skadden Arps Advising CIT on Recapitalization Options – American Law News

October 2009 – Skadden is representing CIT Group Inc. in connection with various recapitalization options, including a debt exchange offering and a possible prepackaged bankruptcy. On October 1, 2009, the company announced it commenced a restructuring of its capital structure as approved by the Company’s Board of Directors and by the Steering Committee of CIT’s bondholders. Under the plan, CIT Group Inc. and CIT Group Funding Company of Delaware LLC (Delaware Funding) are launching exchange offers for certain unsecured notes. The firm began representing CIT in January 2009 when it commenced working on a comprehensive restructuring of its liabilities to provide additional liquidity and further strengthen its capital position.

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