CIT says it'll lose $1.5 billion in second quarter

Updated

CIT Group (CIT) may have convinced its bondholders to rescue it from the brink of bankruptcy yesterday. But that doesn't mean it's out of danger yet.

The embattled commercial lender revealed in a regulatory filing today that it will post a $1.5 billion loss in the second quarter. And with $1 billion in debt coming due next month, it won't have the cash to stay in business unless it can convince investors holding the notes to take a big hit. If too few agree, bankruptcy could follow, it said.

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