By  on November 1, 2009

CIT Group Inc on Sunday filed a voluntary Chapter 11 petition seeking bankruptcy court protection from creditors.

The filing,in a Manhattan bankruptcy court, is the fifth largest in US history after Lehman Brothers Holdings Inc, Washington Mutual Inc, WorldCom Inc and General Motors Corp.According to the petition, the company listed $71 billion in assets and $64.9 billion in debts.

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