CIT Group, Inc. announced that the exchange offers and solicitation for certain of the company's outstanding series of notes, excluding those maturing after 2018 and those issued by CIT Group Funding Company of Delaware, expired at 11:59 p.m. New York City time on Thursday, October 29, 2009. Financial Balloting Group, its tabulation agent, has begun tabulating the votes recorded on the more than 150,000 ballots that were distributed to bondholders and other holders of debt related to the Company's proposed restructuring plan. Once the votes have been tabulated, CIT's Board of Directors will determine the appropriate next step for the Company. On October 1, 2009, CIT commenced a series of offers to exchange certain outstanding series of notes and concurrently began a solicitation for votes on a voluntary prepackaged plan of reorganization. The successful completion of either the exchange offers or plan of reorganization will generate significant capital and reduce CIT's liquidity requirements for several years through the material reduction of the Company's outstanding debt.

On November 2, 2009, NYSE Regulation, Inc. announced that it determined that listing of CIT Group Inc’s common stock on the New York Stock Exchange (NYSE) should be suspended prior to the market opening on November 3, 2009. NYSE Regulation determined that the Company is no longer suitable for listing in light of the November 1, 2009 commencement of the Chapter 11 Cases by the Debtors which is sufficient grounds for the commencement of delisting procedures pursuant to Section 802.01D of the NYSE’s Listed Company Manual. At this time the Company does not intend to take any action to appeal NYSE Regulation’s decision and therefore, it is expected that the Company’s securities described above will be delisted after completion by the NYSE of application to the Securities and Exchange Commission.

CIT Group Inc. announced that it has entered into an agreement with Carl Icahn to support its restructuring plan and secured an incremental $1 billion committed line of credit from Icahn Capital LP to provide supplemental liquidity for CIT as it pursues that plan. This new line of credit may be drawn by the Company on or prior to December 31, 2009, subject to definitive documentation and other customary conditions, and may be drawn as debtor-in-possession financing in the event of bankruptcy. Together with CIT's $4.5 billion expansion facility, announced on October 28, 2009, and other available sources of liquidity, the line of credit will further enhance CIT's liquidity during the execution of its restructuring plan and ensure its ability to serve its existing small business and middle market customers.