No i znów ten Kenobi
/ 83.5.247.* / 2009-07-20 15:12
Nic nie sfinalizował, nie z rządem i nic to nie da.
Unbelievable what boards will do to avoid the inevitable:
CIT Group Inc. was close to securing $3 billion in last-minute rescue financing from its bondholders Sunday in a deal that should keep the struggling firm -- once the largest issuer of small-business loans in the U.S. -- out of bankruptcy court, people familiar with the matter say.
.....
Under the proposal, CIT would likely pay interest rates 10 percentage points above the London interbank offered rate, said these people. (As of Friday, three-month Libor stood around 0.5%.) CIT has also agreed to pledge some of its highest-quality loans as collateral on the $3 billion package.
10%?! Wow - and that's secured too, which means the "offering parties" are taking zero risk (assuming the so-called "assets" are worth their pledged amount.)
For years, CIT funded itself largely by selling bonds -- only to find itself in deep trouble when credit markets froze up amid the depths of the financial crisis a year ago. It has been trying to rely more on deposit funding from its bank, but the transition has been slow, and regulators are concerned about the risk involved.