By  on October 2, 2009

CIT Group Inc. laid out a debt exchangethat would right its capital structure, but the lender said it is also preparingfor a prepackaged bankruptcy filing should the offer fail to attract enoughbondholder support by its Oct. 29 deadline.

Should CIT could file for Chapter11 protection, the company said its operating entities would not, allowing themto continue to work with their customers.

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