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CIT Issues May Cause Problems For NHL Teams
by Paul on 07/14/09 at 11:22 AM ET
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from Paul Waldie of the Globe and Mail,
The financial turmoil at CIT Group Inc. could ripple into Canada, where the company has been an important lender to everything from hockey teams and road projects to hospital expansions….
CIT Group has about $75-billion in assets and specializes in loans to small and medium-sized businesses. It is also a major lender to several National Hockey League teams and made a push into Canada in 1999 through the acquisition of Toronto-based Newcourt Credit Group Inc. for $2.4-billion (Canadian)....
U.S. Treasury Secretary Timothy Geithner said yesterday that he was monitoring the situation and there were reports the government might do something. But many analysts now expect a Chapter 11 filing….
A Chapter 11 filing could be bad news for many NHL teams. It has been an important lender to several, including the Ottawa Senators, Montreal Canadiens, New Jersey Devils and Nashville Predators.
Filed in: NHL Teams, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
Tags: CIT+Group,
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I spent all morning reading about CIT in the WSJ.
I believe the hiring of chapter 11 advisors was just a political power play,
by a company stuck in the cracks of the rushed rules of the Federal Deposit Insurance Corp.‘s Temporary Liquidity Guarantee Program.
Even under the Obama Banana Republic there is
‘TOO BIG TO FAIL’
Posted by HockeyTownTodd on 07/14/09 at 01:09 PM ET