All Posts Tagged With: "prepared statement"
CIT files for bankruptcy
Jennifer McClelland | RSS | Mon, Nov 02 2009 | 0 Comments
It has been teetering on the edge for a few months now, but yesterday CIT made it official when it filed for bankruptcy protection. The decision to file for bankruptcy was approved by the creditors of the company along with the board of directors. At the time of the filing CIT had assets of $71 billion and liabilities of $65 billion.
This filing is one of the largest. The only ones that have been larger are the bankruptcy filings from Lehman Brothers, General Motors, as well as Enron.
CEO Jeffrey M. Peek said in a prepared statement, “The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy.”
Just the lending sector was affected by the bankruptcy filing. The operating subsidiaries are not part of the filing and the company has every intention of keeping them running.
So, I suppose this means that we won’t be seeing the money that we lent to the company last year through the TARP funds. Last December, CIT took $2.3 billion from the funds; this will be the biggest loss the Treasury Department has had since it began handing out money to troubled banks.
CIT is a lender to mostly commercial businesses.
Related posts:Advanta has filed for bankruptcy
Tags: teetering on the edge, plan of reorganization, troubled banks
Infinity Pharmaceuticals stops IPI-504 GIST drug testing
Jennifer McClelland | RSS | Thu, Apr 16 2009 | 1 CommentInfinity Pharmaceuticals has been testing out a drug called IPI-504 which is supposed to treat refractory gastrointestinal stromal tumors or GIST for short. Today the trials were abruptly called off after data showed that more patients were dying while taking the drug than Infinity was predicting.
As a result, the company’s stock price fell about 33% from the previous day’s close of $8.63 to $5.73.
Infinity said that the patients (who were reviewed) in phase 3 were worse off than those in phase 2.
Related posts:“Patient safety is our top priority and we have acted quickly to implement the recommendations of the (independent review),” said Julian Adams, Infinity’s president of research and development and chief scientific officer, in a prepared statement. “While this outcome is disappointing, we would like to acknowledge the patients and caregivers who have participated in this trial and thank them for their support.”
Umbrella companies in the United Kingdom
Tags: julian adams, prepared statement, patient safety
