CIT cuts $3bn salvation deal July 19, 2009 US lending giant CIT Group last night cut an eleventh-hour deal with its key bondholders for $3bn(£1.8bn) in financing that will save the 101-year-old from the jaws of bankruptcy. CIT, which suffered a liquidity crunch and is straining under its multi-billion dollar debt load, now aims to restructure outside of court. The firm, which lends [...]
CIT cuts $3bn salvation deal July 19, 2009 US lending giant CIT Group last night cut an eleventh-hour deal with its key bondholders for $3bn(£1.8bn) in financing that will save the 101-year-old from the jaws of bankruptcy. CIT, which suffered a liquidity crunch and is straining under its multi-billion dollar debt load, now aims to restructure outside of court. The firm, which lends [...]
Poor data is a threat to UK’s green shoots June 18, 2009 A HOST of poor data released yesterday cast doubt over the prospects of Britain’s fragile economic recovery. The figures caused the pound to slip to a one-week low against the euro and gilt yields to edge higher. Retail sales fell unexpectedly in May by 0.6 per cent after an upbeat April thanks to a late [...]
CIT warns of bankruptcy risk July 21, 2009 CIT GROUP yesterday warned it could still file for bankruptcy if a cash tender offer for its outstanding notes fails, one day after securing $3bn (£1.8bn) in emergency financing from its bondholders. The 101-year-old company, which lends to nearly a million small and mid-sized businesses, also forecast a second-quarter loss of more than $1.5bn. In [...]
CIT warns of bankruptcy risk July 21, 2009 CIT GROUP yesterday warned it could still file for bankruptcy if a cash tender offer for its outstanding notes fails, one day after securing $3bn (£1.8bn) in emergency financing from its bondholders. The 101-year-old company, which lends to nearly a million small and mid-sized businesses, also forecast a second-quarter loss of more than $1.5bn. In [...]
House asking prices slip back in June June 21, 2009 THE average asking price of a UK property has fallen by 0.4 per cent this month, according to data from property website Rightmove, ending the string of good housing data over the past few weeks. June marked the first fall in five months due to hesitation by sellers and continued tight credit conditions. But on [...]
Home loans at lowest level since 2001 May 27, 2009 MORTGAGE lending sunk to its lowest level for eight years in April, data showed yesterday. Net lending by the major banks was £2.7bn during April, down from £3.4bn in March – the lowest figure since March 2001, according to the British Bankers Association (BBA). However, the number of mortgages approved for house purchases actually rose [...]
CIT gets stay of execution July 20, 2009 THE board of stricken US lender CIT yesterday agreed a $3bn (£1.82bn) rescue loan from key bondholders, saving it from the jaws of bankruptcy. With the US government making it clear that CIT is not systemically important enough to warrant a bailout, the financing package is aimed at buying the bank time to restructure its [...]
Fitch highlights negative equity June 22, 2009 A report by credit agency Fitch Ratings will today say that one in 10 borrowers with excellent credit ratings are trapped in negative equity, owing more on their mortgage than the value of their homes. The agency will also forecast a peak-to-trough fall in house prices of up to 35 per cent. The report, which [...]
Fitch highlights negative equity June 22, 2009 A report by credit agency Fitch Ratings will today say that one in 10 borrowers with excellent credit ratings are trapped in negative equity, owing more on their mortgage than the value of their homes. The agency will also forecast a peak-to-trough fall in house prices of up to 35 per cent. The report, which [...]