Bondholders Plan CIT Rescue

CIT Group Inc. appeared to have reached an agreement securing $3 billion in last-minute rescue financing from its bondholders Sunday in a deal that should keep the struggling lender out of bankruptcy court, people familiar with the matter say... The deal, which was reviewed by CIT's board Sunday night, charges CIT high interest rates, and it doesn't permanently fix the company's long-term financing needs, say people involved in the transaction...

WSJ: Bondholders Plan CIT Rescue (Subscription required)