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Reuters forecasts CIT bankruptcy – three weeks before it happened

Reuters was the first news outlet to report on Oct. 12 that CIT Group was likely to file for bankruptcy because it was struggling to convince investors to swap their debt. The news clobbered CIT`s shares, resulting in a 11.5 percent decline. Reuters followed up with further stories as bankruptcy became more likely. Within three weeks of the original story, the company filed for bankruptcy on Nov 1.

Market Impact

The news clobbered CIT`s shares, resulting in a 11.5 percent decline.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Americas
Countries: US
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