CIT Group has secured a $3 billion deal with bondholders to keep the U.S. lender from filing for bankrruptcy. The bank sealed an agreement on the financial lifeline, people close to the situation told the Financial times. Shares of CIT rose more than 90 percent in early trading.
New York Attorney General Andrew Cuomo may sue Charles Schwab & Co. over its marketting and sales of auction rate securities. Cuomo's office said the state is prepared to sue unless the company provides investors with the liquidity they were promised when they bought the securities, according to Bloomberg.
KKR & Co. LP will acuire all of the assets and all of the liabilities of KKR Private Equity Investors under an agreement announced on Monday, opening the way for an initial public offering of the combined business in the U.S. following the completion of the transaction.
General Motors Corp. has received three final offers for its Opel division in Europe from RHJ International SA, Magna International Inc, and Beijing Automotive Industry Corp, a personal familiar with the situation told the Associated Press. A decision has not yet been made, the company said in a released statement.