成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
CIT and its borrowers in limbo

CIT and its borrowers in limbo

2009年07月20日

????The lender appears headed for bankruptcy, but it's unclear how that will affect borrowers such as Eddie Bauer and other small businesses.

????By Colin Barr

????CIT and its many borrowers are in limbo.

????A day after the cash-strapped small business lender had its bailout hopes deflated, CIT Group (CIT, Fortune 500) appeared headed for a bankruptcy filing.

????Credit ratings agency Fitch cut its rating on CIT debt, saying a default appears "imminent or inevitable."

????A spokesman for the New York-based company didn't reply to a request for comment. CIT shares lost three-quarters of their value in trading Thursday and were fetching as little as 31 cents each at one point.

????Though the century-old firm has sharply cut back its lending over the past year, a bankruptcy filing could add to the pressure on small businesses at a time when they have been shedding hundreds of thousands of jobs every month.

????"Things don't look good for CIT," said Jerry Reisman, a partner at law firm Reisman, Peirez & Reisman in Garden City, N.Y. "But they look downright perilous for the small businessman."

????Small businesses -- those employing fewer than 50 people -- have cut 1.4 million jobs since December, according to data from payroll processor ADP's latest monthly employment report. Small and midsize businesses -- those employing fewer than 500 people -- have lost 3 million jobs over the same period, according to ADP data.

????Small and midsize businesses are among CIT's chief customers, and a lack of access to credit could force many out of business, Reisman said. He said many CIT customers would have trouble getting loans elsewhere in the best of times, but their pain could be acute in a deep recession in which banks aren't lending and sales have dwindled at many businesses.

????"If you assume CIT customers tend to be a little riskier than the typical community bank borrower, then some of them won't be bankable," said Bill Dunkelberg, chief economist for the National Federation of Independent Businesses.

????According to several news reports, CIT is trying to line up a capital infusion from private investors. But observers were skeptical about the company's chances.

????Before Wednesday, Wall Street had assumed the government would provide support to CIT, given its earlier receipt of $2.3 billion in federal funds and its connection to small businesses. Investors took the Treasury Department's decision not to do so as an indication that its books have taken a sharp turn for the worse.

????"Although we had originally thought CIT would have enough liquidity to survive through year-end, the recent negative press appears to have accelerated the liquidity drain with deposits fleeing and clients drawing down as much credit as possible before bankruptcy," Stifel Nicolaus analyst Chris Brendler wrote in a note to clients Thursday. "We think CIT's poor credit quality ultimately led to its demise."

????Complicating CIT's outlook is the tepid market for lending to bankrupt companies, known as debtor in possession, or DIP, financing.

????Getting DIP financing has become more difficult since the credit markets collapsed in mid-2007. Ironically, CIT has been a leading DIP lender. Last week it, along with GE (GE, Fortune 500) Capital and Bank of America (BAC, Fortune 500), provided a $100 million line of credit to retailer Eddie Bauer (EBHIQ), which filed last month for its second Chapter 11 reorganization in six years. A spokesperson from Eddie Bauer didn't comment.

????Mark Sunshine, president of First Capital, a lender in Boca Raton, Fla., said Treasury could support small businesses without bailing out CIT investors by providing DIP financing in the event of a CIT bankruptcy filing.

????Sunshine said federal financing of the bankruptcy loan could enable an orderly workout at CIT over two years or so. Without such a backstop, he said, small business customers that sold their accounts receivable to CIT in exchange for upfront cash -- a transaction known as factoring -- could find themselves in the unenviable position of seeking repayment in court along with other creditors.

????"Without Treasury, it isn't going to happen," Sunshine, whose firm is a CIT competitor, said of the DIP loan.

????Whether the problems at CIT end up taking another bite out of the economy will depend on how the company's case is resolved. Dunkelberg noted in a report last week that data from the NFIB's small business survey don't support talk of a credit crunch -- though that was before CIT's brush with failure.

????"This could certainly contribute to a constriction of credit, but we'll just have to see how it plays out," he said.

掃碼打開財(cái)富Plus App
中文字幕一区二区三区精华液| 亚洲娇小与黑人巨大交| 国产乱子轮XXX农村| 久久精品国产亚洲av电影| 天天躁日日躁狠狠躁婷婷高清| 无码爆乳护士让我爽| 国产在线aaa片一区二区99| 国产人成午夜免电影费观看| 无码成人动漫一区二区三区| 91中文字幕免费人成毛片乱码| 欧洲美熟女乱又伦| 国内女人牲交视频播放| 凹凸熟女白浆精品国产91| 国产成人无码的免费视频在线观看| 日韩精品久久久久久| 华人骚妇在线播放| 中文字幕一区二区无码厨房| 久久久久99精品国产片| 精品乱子伦一区二区三区| 无码人妻精品一区二区三区东京热| 在线观看免费av网| 国产一区二区波多野结衣| 在线无码免费的毛片视频| 天天爽夜夜爽精品免费久久99热精品| 亚洲va中文字幕无码久久不卡| 国产日韩精品欧美一区| 产大片91精品免费观看3| 一级毛片免费在线播放| 国产综合久久一区二区三区| 久久精品国产亚洲AV麻豆蜜芽| 国产人人干人人透免费看| 国产AV无码专区亚洲AV手机麻豆| 国产综合久久亚洲综合| 光棍影院一级毛片视频| 日韩一区二区三区无码视频| 久热这里只精品99国产6| 久久精品一区二区三区日韩| 久久久亚洲欧洲日产国码a| 欧美特级午夜一区二区三区| 视频一区无码中出在线| 在线观看国产vs日产VS|