CIT Changes Terms Of Hedge Fund-Backed Tender Deal

``Less than two-thirds of the notes were tendered, well below the 90% originally required. So CIT mollified the major creditors that gave it a $3 billion lifeline last month by increasing the tender price, and cutting to 58% the number of noteholders needed. The higher tender price convinced the lenders to tender their notes expiring this month; originally, they had refused to allow the financing they provided to be used in the tender offer.''