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NEW YORK — CIT Group Inc., one of the nation's biggest lenders to small and midsize businesses, says it has amended its debt restructuring offer in hopes of enlisting more support from bondholders for the plan.
The troubled New York-based lender's losses have been mounting as its borrowing costs have outstripped its income amid the credit crunch. Its customers range from doughnut shop franchisees to apparel makers and big department stores.
CIT Group said late Friday that the debt exchange changes have the backing of its board and key bondholders.
It is also gauging support for restructuring through a prepackaged bankruptcy filing.
CEO Jeffrey M. Peek says either plan would help reduce uncertainty about its ability to continue making commercial loans.
