Bond fund manager Pacific Investment Management Co left a CIT bondholder steering committee in late September, a source familiar with the matter said on Wednesday.

CIT launched a debt-exchange plan on Oct. 1 that the struggling lender to small and mid-sized companies hopes will prevent it from filing for bankruptcy.

CIT also asked bondholders to approve a prepackaged plan of reorganization that would allow it to initiate a voluntary filing under Chapter 11 if the debt exchange offer, which expires on Oct. 29, fails to attract enough participants.

PIMCO, Centerbridge Partners LP, Oaktree Capital Management, Baupost Group, Capital Research & Management Co and Silver Point Capital were part of a group that provided the $3 billion loan to CIT this summer.

A PIMCO spokesperson did not return calls seeking comment. (Reporting by Jennifer Ablan and Walden Siew; Editing by James Dalgleish)