WSJ: Pimco Has Quit CIT Bondholder Steering Committee-Sources
October 07 2009 - 12:35PM
Dow Jones News
Bond giant Pacific Investment Management Company has sold its
position in a recent emergency loan for CIT Group Inc. (CIT) as the
century-old lender battles to stave off bankruptcy, according to
people familiar with the matter.
(This story and related background material will be available on
The Wall Street Journal Web site, WSJ.com.)
The move comes as CIT struggles to end months of uncertainty
about its future. PIMCO was one of six members of a steering
committee of CIT's largest bondholders that put in place $3 billion
of financing for the company at the end of July.
PIMCO couldn't immediately be reached for comment.
-By Mike Spector, The Wall Street Journal; 212-416-2572;
mike.spector@wsj.com
(Kate Haywood and Joe Bel Bruno contributed to this
article.)