The Wall Street Journal
NEW YORK
Bond giant Pacific Investment Management Company has sold its position in a recent emergency loan for CIT Group Inc. as the century-old lender battles to stave off bankruptcy, according to people familiar with the matter.
The move comes as CIT struggles to end months of uncertainty about its future. Pimco was one of six members of a steering committee of CIT's largest bondholders that put in place $3 billion of financing for the company at the end of July.
Pimco couldn't immediately be reached for comment
The move comes as CIT struggles to end months of uncertainty about its future. Pimco was one of six members of a steering committee of CIT's largest bondholders that put in place $3 billion of financing for the company at the end of July.
Pimco couldn't immediately be reached for comment
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