No bailout for CIT as talks with government end

Update: CNBC reports that CIT Group is trying to raise up to $3 billion from private investors to avoid a Chapter 11 bankruptcy filing.

Middle-market commercial lender CIT Group (CIT) has been told it won't be getting a government bailout anytime soon, the company said in a statement this evening.

"There is no appreciable likelihood of additional government support being provided over the near term," CIT disclosed in a press release. The lender, which last weekend hired a law firm specializing in corporate bankruptcies, said it's "evaluating alternatives."