Business News- US- Small Business Lender CIT Group close to bankruptcy- Reuters

NEW YORK (Reuters) - CIT Group (CIT.N) is likely to file for bankruptcy in the coming days, analysts and experts said.

The lender to small and medium-sized businesses is trying to restructure its debt, and is offering investors two options.

One path would be getting its unsecured debt holders — who hold a total of about $30 billion — to voluntarily exchange their bonds for new securities and equity. That path would avoid a bankruptcy filing.

http://www.reuters.com/article/businessNews/idUSTRE59S5JB20091029?feedType=RSS&feedName=businessNews

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