CIT Group hires premier bankruptcy adviser
CIT Group Inc. has hired a premier bankruptcy firm as the troubled commercial lender awaits word on whether it will receive funds from a federal program designed to help banks.
The New York-based company has hired Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal Saturday.
"Skadden is one of the principal law firms representing CIT," company spokesman Curt Ritter said in an e-mail response to an AP query. "They represent the firm on a wide variety of corporate matters. CIT will not comment on any specific aspect of their engagement."
Skadden did not return calls for comment.
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