The fifth biggest bankruptcy of the USA

CIT, the American financier specializing in credits to students and pymes, has declared himself in bankruptcy. This is the fifth biggest failure of the history of the North American country and it makes the bogeys of the crisis reappear after the first signs of recovery of the American economy.

This way, CIT with a few assets for 71.000 million dollars, is the fifth biggest company that Worldcom and General Motors brings in in failure in the history of the United States, behind Lehman Brothers, Washington Mutual.

The creditors have already agreed a plan of restructuring of the company, with which they hope to go out of this situation. On the other hand, The subsidiary CIT operators, including the CIT Bank, have not been considered in the failure declaration, and hope to be able to keep on working as they had doing it. CIT glides to reduce his entire debt in approximately 10.000 million dollars.

The Department of the American Treasure has affirmed that the Government will not be a capable great derecuperar of 2.300 million dollars with what it helped to the entity, if perhaps it manages to recover something.

CIT Group, which was founded in San Luis in 1908, is provided with a credit portfolio superior to 65.000 million dollars, is present in more than fifty countries and operates in an about thirty of sectors.

The bankruptcy to to the one that has turned out to be exposed due to his excessive exhibition to the mortgage loans and to students with a high risk profile, supposes giving lost 2.300 million dollars that the American Government has invested to try to save the company. This way, since the financial crisis began, the Government of the United States has invested nearly 400.000 million dollars trying to rescue companies with problems, especially insurers and manufacturers of motorcars.

In order to a temporary employee gone out of the bankruptcy facilitates, the financier has managed to reach an agreement with the businessman Carl Icahn, who has promised to support the plan to go out of this situation with 1.000 million dollars in financing.

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