CIT: temporary rescue

A $3bn financing package is a lot better than a bankruptcy filing. That must have been the Sunday bedtime thought of almost everyone involved in negotiating a rescue package for CIT. An odd mix of institutions – including asset manager Pimco, hedge funds and private equity firms – is reported to have come up with the funds, to be secured by every unpledged asset at the credit-starved US lender. CIT is set to limp on, but its future is still uncertain. In May, the company said it needed to roll ...