NEW YORK --- A major lender to hundreds of thousands of small and medium-sized businesses has filed for Chapter 11 bankruptcy.
CIT Group filed the papers yesterday with the U.S. bankruptcy court for the Southern District of New York.
The company claims assets of 71-billion dollars and debts of 65-billion.
The company did not list any of its operating subsidiaries in its bankruptcy filing.
The bank and other entities will operate normally during the reorganization process

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