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Goldman May Gain $1 Billion If CIT Fails
Goldman Sachs stands to receive about $1 billion if CIT Group files for bankruptcy.
Goldman Sachs stands to receive about $1 billion, if CIT Group files for bankruptcy or terminates a $3 billion deal, Financial Times reports. The payment by the commercial lender is part of deal, which required CIT to pay $1 billion if it defaults or goes bankrupt.
CIT is in negotiating terms with Goldman to amend the facility. Goldman had offered a $3 billion rescue finance package to CIT on June 6, 2008.
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