CIT: now the hard part

Robert Cyran AND Rob Cox After a difficult landing, CIT slid into a well-foamed runway on Sunday. It fought hard to have its pre-packaged bankruptcy plan approved by creditors, including dissident bondholder Carl Icahn. But the more difficult task lies ahead for the US lender to small and medium-sized businesses: convincing the world it has a reason to exist beyond Chapter 11. True, the firm did succeed mightily in convincing its creditors to back management’s plan for a somewhat orderly restr...