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CIT may sell aviation-finance, rail-finance ops: report

Reuters – CIT Group Inc (CIT.N), which is looking at selling off some assets, is most likely to sell its aviation-finance and rail-finance operations, the Wall Street Journal said, citing sources familiar with the matter.

The people, who said evaluations were still in the early stages, told the paper that CIT was approached by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) (BRKb.N) and Leucadia National (LUK.N) to buy parts of the company, but spurned the offers because of low bids.

CIT, which is a lender to nearly a million small- and mid-sized businesses, averted a crisis and bought some time this week with a $3 billion emergency financing from large bondholders to restructure its debt and avoid bankruptcy, after the collapse of rescue talks with the U.S. government.

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