SAN FRANCISCO (Dow Jones)
Icahn is now offering to pay $650 per $1,000 of principal in certain senior notes that are covered in his tender offer. Holders have until 11:59 p.m. Eastern time on Dec. 2 to tender their notes.
CIT Group, a century-old commercial lender, filed for Chapter 11 bankruptcy protection on Nov. 1. The bankruptcy is the fifth-largest on record. At the time CIT said it had $71 billion in assets and $64.9 billion in liabilities.
Icahn, who supported the bankruptcy filing, had previously battled with the company's management. Icahn had argued the company's restructuring plan hurt small noteholders.
-By Andrew Morse, Dow Jones Newswires; 415-439-6402; andrew.morse@dowjones.com