CIT has filed its pre-packaged chapter 11 in New York.  “CIT Group Inc’s bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co.  Gerber, a bankruptcy judge since 2000, is no stranger to large complex cases, having also handled the bankruptcies of cable TV operator Adelphia Communications Corp and the current proceedings involving Lyondell Chemical Co.  GM’s reorganization took about six weeks, showing it is possible to reorganize even the largest companies quickly if enough creditors and parties are brought on board in advance.  CIT, a source of financing to about one million small and mid-sized businesses, filed for Chapter 11 protection from creditors on Sunday after gathering support from most of its bondholders for its “prepackaged” reorganization.”

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 Michael