The small business and retail lender CIT, was on the brink of going into Bankruptcy in the last two weeks. But few hours back, after hectic negotiations, the CIT group is said to have struck a 3 billion dollar temporary loan deal from major shareholders.
The deal is expected to help the lender to avoid bankruptcy proceedings in the near future. The loan will help the company to pay off its outstanding overdue loans, and also continue with its lending business on a limited scale, for the next few months.