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.
Reuters forecasts CIT bankruptcy – three weeks before it happened
01 November 2009, 12:00 am. 1 minute
Market ImpactThe news clobbered CIT`s shares, resulting in a 11.5 percent decline.
Type: Reuters Best
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