CIT 3/2011 Bonds at $55, CDS 40bps, Icahn Offers $6 Billion Loan

An update on the CIT Group mess... Icahn, the largest creditor is offering to underwrite a $6 billion loan. I also provided a view of the CIT Group retail note that matures on 3/15/2011. It is trading at $55 and yields 54.17%. View the quote and charts at FINRA.org's Bond Center. As of 7/16/2009 Moody's rates the bond at Ca and S&P CC. Looking at Markit's quotes, CIT Group CDS trades at 40bps up front.

CIT 3/2011 Note Price (Courtesy FINRA.org/Marketwatch)
Egan-Jones On Why Carl Icahn's CIT Overtures Are Irrelevant (Zero Hedge)
CIT’s Changes Do Little to Enhance Debt Swap, CreditSights Says (Bloomberg)
Icahn offers CIT Group $6 billion loan (AP)
UPDATE: Icahn Offers To Underwrite $6B Loan To CIT (WSJ)
Icahn Offers CIT $6 Billion Loan, Calls Board ‘Incompetent’ (Bloomberg)
Icahn offers CIT 6 bln dlr loan, blasts board (AFP)
The Daily Docket: CIT Amends Exchange Offer (WSJ/Bankruptcy Beat)
CIT Sweetens Exchange Offer (WSJ)
CIT Group Revises Debt Plan (NYT)
10/13: CDS On CIT Hover As Bankruptcy Looms (Derivatives Weekly/subscription)
10/5: If CIT fails, Goldman wins -- with a $1 billion payoff (DailyFinance)
10/5: CDS in the spotlight in Goldman purchase of CIT debt (Financial Times)