CIT presses new plan to avoid bankrutcy


CIT Group (CIT) shareholders have had a wild ride for the last five months. They've had to deal with concerns about bankruptcy, threats from its bondholders and plans for the firm's future as the CEO announced he was stepping down. CIT stock traded near $4 in early June. Since then, it dropped to 41 cents on July 15, when it looked like the company wouldn't make it, and has gyrated between that low and a recent price of $2.20. Shares closed at $1.12 on Oct. 16.