CIT Group, New York, filed for bankruptcy with a plan that its officials said is expected to allow the lender to continue operations and quickly emerge from bankruptcy.
Excluded from the company's Chapter 11 filings are the holding company's operating subsidiaries, including the company's corporate finance healthcare underwriting, which was transferred to CIT Bank in June, according to the company's bankruptcy announcement and regulatory filings.
Healthcare accounted for roughly 6.5% of the company's lending as of June 30, or roughly $4.1 billion of its $62.7 billion in financing, its financial statements show. The lender's corporate finance arm includes working capital, cash flow and asset-backed loans, and equipment leases. Healthcare ranked sixth among CIT's 12 largest industry segments, by financing and leasing assets.