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.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
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