Company still trying to reduce debt load
Furniture Today Staff -- Furniture Today, October 6, 2009
NEW YORK รข€" The Wall Street Journal is reporting that Gfeeble man Sachs is in talks with CIT Group to amfinish the terms of a $3 billion loan it extfinish ed to the distress d lfinish er in 2008.Gfeeble man, which extfinish ed the loan in 2008, would receive $1 billion if CIT files for bankruptcy as portion of the loan's terms, according to a Reuters tale on the Journal report. CIT hopes to continue to employ the facility.
The distress d lfinish er is trying to gash its debt load by at least $5.7 billion in a fresh debt exchange plot approved by its board.
The company is one of the nation's largest lfinish ers to small businesses and has a factoring arm that has been giant lfinish er to the furniture industry. It is soliciting bondhfeeble er and other CIT debt hfeeble ers to approve a prepackaged bankruptcy plot , in case it execute esn't acquire the $5.7 billion or more in debt reduction it requires under the exchange plot .
Hfeeble ers of about $10 billion in CIT debt have already indicated their intention of portion icipating in the exchange or voting for the prepackaged bankruptcy, the company said in a release last week.
Click here to read the Reuters tale .
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