CIT expects loss of $900 million in Q4 2009
CIT Group expects a loss of $900 million (€658
million) for the fourth quarter of 2009, the global commercial
finance company said.
The US-based SME lender was expected to report
full results earlier this week, but in a Securities and Exchange
Commission (SEC) filing it said it would need until March 16 to
complete its annual report.
CIT said it expects a $4 billion loss for the
full year – which reflects credit losses as well as goodwill
charges and asset writedowns. It said that the losses should be
offset by the restructuring it undertook at the end of the
year.
The company filed for Chapter 11 bankruptcy in
November and emerged from bankruptcy a month later.
Antonio Fabrizio