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Fed orders CIT to submit capital plan

Reuters – The U.S. Federal Reserve has ordered CIT Group Inc, the cash-strapped corporate lender struggling to avoid bankruptcy, to submit a plan for raising capital and meeting debt obligations within 15 days.

The order from the powerful regulator comes as CIT, which on Monday again warned it may seek bankruptcy protection if debt restructuring efforts fall through, scrambles to line up new financing. CIT’s shares climbed by as much as 19 percent after it announced Wednesday’s order on Thursday.

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