Cancellation of CIT Group's existing common and preferred stock. Friday, 11th December 2009 (Ticker symbol: CIT or CITGQ) 

As per CIT's own press release on 8 Dec:

"Under the terms of the Plan, the Company's existing common and preferred stock, along with all non-reinstated debt, will be cancelled effective upon consummation of the Plan, and distributions of new debt and equity securities will occur as soon as practicable thereafter.

CIT's new Common Stock will be listed on the New York Stock Exchange under the ticker symbol "CIT" and the Company expects the stock will begin trading on the exchange upon the Plan's consummation. In aggregate, CIT will issue 200 million shares of new Common Stock to eligible debt holders in exchange for their claims against the debtors."

Clients, who were shareholders of the Company prior to the consummation of the Plan, are to note that their securities have been cancelled and cannot be sold under the same ticker symbol. To avoid short selling, please consult your Trading Representative before submitting your sell order for this particular counter.

CIT's press releases can be found here.

Last Updated: 15 December 2009