CIT Group working with bankruptcy adviser as lender awaits word on federal bailout program

NEW YORK – CIT Group Inc. is working with a premier bankruptcy firm as the troubled commercial lender awaits word on whether it will receive funds from a federal program designed to help banks, the company confirmed Saturday. The New York-based company has engaged Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal Saturday. However, acccording to the company CIT has worked with Skadden for “several years.” “Skadden is one of the principal law firms representing CIT,” company spokesman Curt Ritter said in an e-mail response to an AP query. “They represent the firm on a wide variety of corporate matters….

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