July 20, 2009 / 2:56 AM / 10 years ago

CIT board approves deal with bondholders -source

NEW YORK, July 19 (Reuters) - CIT Group Inc’s (CIT.N) board approved a deal with bondholders for $3 billion in rescue financing to the lender late on Sunday, a source close to the situation said, helping it stave off bankruptcy.

CIT is expected to announce the deal before markets open Monday, according to the source, who did not want to be identified because talks are private.

CIT was not immediately available for comment. (Reporting by Paritosh Bansal; Editing by Lincoln Feast) (For more M&A news and our DealZone blog, go to www.reuters.com/deals)

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