Billionaire investor Carl Icahn sent a scathing letter to troubled lender CIT on Monday, calling its restructuring plan “a bad-faith attempt to buy votes.”
Icahn, a legendarily activist investor, is a CIT bondholder and is trying to unseat what he calls the company’s “incompetent and unconscionable” board of directors.
Icahn’s letter skewered CIT’s (CIT, Fortune 500) $6 billion reorganization plan, in which bondholders can exchange current notes for a portion of a series of newly-issued secured notes and/or preferred shares. Instead, he offered to underwrite an alternative $6 billion loan.
Icahn claims the existing plan offers unsecured bondholders below-market rates in exchange for their support for the restructuring, and the company’s largest bondholders will have access to the current plan at the expense of thousands of their smaller counterparts.
“Even worse,” wrote Icahn, “the plan would leave a majority of the existing board, or their chosen successors, in control of our company for years to come.”
CIT did not respond to a call for comment.
The credit-market downturn has battered the short-term debt that the company, one of the largest lenders to small businesses, once used to fund itself. CIT received $2.3 billion from TARP last fall, but even that injection of cash failed to keep the company above water.
Earlier this month, CIT said it could file for Chapter 11 bankruptcy if at least $5.7 billion worth of debt is not cleared off its balance sheet. Hard money training
Tags: businesses, credit market, Debt, lenders, loan
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