By and  on October 13, 2009

Amid rumblings that CIT Group Inc. is struggling to get bondholder support for its proposed debt swap, the lender said Tuesday that chairman and chief executive officer Jeffrey M. Peek will resign at yearend.

News of the transition came Tuesday morning, not long after reports circulated that CIT, a major lender to small and midsize businesses, might have to consider a pre-negotiated bankruptcy as its proposed debt swap faced ongoing resistance. Sources said bondholders are seeking better terms than those proposed by the company in early October.

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