Business & Finance
Business and Finance
Business and Finance 
Thu, February 26, 2009
CIT Provides Restructuring Financing to Wellman, Inc.
NEW YORK--([ BUSINESS WIRE ])--[ CIT Group Inc. ] (NYSE: CIT), a bank holding company, today announced that it provided financing to [ Wellman, Inc. ], a manufacturer of packaging resin used in plastic beverage bottles and other food packaging, to facilitate the company's exit from Chapter 11 bankruptcy. CIT served as sole lead arranger in providing a $35million senior secured credit facility to support Wellman's restructuring. Financing for the deal was arranged by [ CIT Commercial & Industrial ] through CIT Bank, a Utah state bank. Terms of the transaction were not disclosed.
"Our expertise in both the chemicals industry and asset-based lending enabled us to provide Wellman with the financing required to meet the tight deadline of their bankruptcy proceeding," said John Andrews, Managing Director, CIT Commercial & Industrial – Chemicals, Plastics & Materials. "Wellman undertook a significant restructuring of the company during their Chapter 11. CIT was pleased to provide the funding necessary to support Wellman's management in executing their strategic plan as they exit bankruptcy."
Mark Ruday, Chief Executive Officer of Wellman, said, "Wellman needed to act quickly to complete its restructuring and CIT provided the critical financing necessary to make that happen. CIT knew our industry which enabled them to streamline the lending process and design the credit facility to accommodate our needs and meet their investment criteria."
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About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in managed assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in aerospace, equipment and rail leasing, small business and middle market lending, vendor financing and factoring. Founded in 1908 and headquartered in New York, CIT is a member of the S&P 500 and Fortune 500. [ www.cit.com ]