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The United States CIT Financial Group: tap credit lines mean

  JUST as the scale of the subprime-mortgage crisis hit home in the summer of 2007, CIT sponsored alavish ball on the Queen Mary 2, docked at the time in New York.Now the company is struggling to stay afloat as dollops of debt come due and clientstap credit lines.This week it was thrown alifeline after the government refused it access to adebt-guarantee scheme and banks offered only bankruptcy financing: a $ 3billion loan from agroup of bondholders that gives CIT enough breathing room to repay $ 1billion of debt due in August via atender offer.
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