CIT Group Inc is planning a large debt exchange offer within weeks as part of its plan to restructure itself, and any asset sales are likely still some time away, a source close to the company said on Friday.

The new exchange offer would likely include debt-for-debt and debt-for-equity exchanges and work across all bond maturities or a significant portion of them, as the lender tries to right-size its balance sheet on the liabilities side, the source said.

The company also has no reason to believe that regulators will change their minds about helping it after refusing to do so last week, according to the source, who did not want to be identified because plans are not public.

(Reporting by Paritosh Bansal, editing by Gerald E. McCormick)