CIT Group Inc. continued to twist in the wind late Wednesday, trying to hammer out a restructuring plan as bankruptcy once again loomed over the lender, a financial cornerstone to many fashion producers and retailers.
But industry experts were less anxious about the factor’s financial woes — and its deadline of today for a restructuring arrangement — than they were in July, when bankruptcy was averted with a $3 billion lifeline from bondholders. At least some fashion companies have tweaked their agreements with CIT or made other financing arrangements. And if a deal can’t be worked out and the 101-year-old lender does become insolvent, it is now expected to have a relatively orderly bankruptcy, mitigating the impact on its clients, financial sources said.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"