On Monday, CIT Group, Inc. announced the expiration and completion of its tender offer for $1 billion of Floating Rate Senior Secured Notes due August 17, 2009. According to the press release, 59.81% of the notes were validly tendered and not withdrawn, exceeding the minimum condition. CIT accepted tendered notes for payment at a purchase price of $875 per $1,000 principal amount of notes.
CIT also filed its delayed Quarterly Report on Form 10-Q on Monday. The report details a $1.68 billion loss in the second quarter, and warns that the company may pursue bankruptcy protection if restructuring efforts are unsuccessful.