Wall Street Journal Report

November 3, 2009

CIT Group Inc. began its final attempt to restructure this week, leaving many small-business customers with unanswered questions about their obligations and future relationship with the century-old commercial lender. One vendor who is staying put is Howard Li, chief executive of Waitex International Inc., a New York firm with $110 million in annual revenues that manufactures, imports and distributes clothing to department stores. He started factoring with CIT 25 years ago and calls it “the best system in the world.” Mr. Li has been following CIT’s financial plight for months and while he was uneasy at times, he’s supportive of the bankruptcy. “I’m not nervous,” he says. “I don’t know the details, but I think they will come to a good solution. Otherwise, a lot of mid- and small-sized companies will have big problems.”

 

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