CIT Group Inc. said losses continued to pile up in the second quarter and warned bankruptcy was still a possibility if bondholders don’t agree to take less than face value for $1 billion in debt coming due next month.
After weeks of searching for a financial lifeline, and some harried 11th-hour negotiations, CIT reached a $2 billion credit agreement with a group of its key bondholders Monday and expects to receive another $1 billion in commitments this month. But the two-and-a-half-year financing package comes at a heavy price, with an interest rate of 10 percent plus the London Interbank Offer Rate.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)