CIT Group Inc. announced updated results of its solicitation for votes on its voluntary prepackaged plan of reorganization.

The solicitation of votes for Class 7, Canadian Senior Unsecured Notes, expired on November 5, 2009. Approximately 89% of holders by outstanding principal amount participated in the solicitation, of which nearly 100% in principal amount and 92% in number of votes cast supported the plan.

Similarly, the solicitation of votes for Class 8, Senior Unsecured Notes maturing after 2018, expired on November 13, 2009. Approximately 74% of holders by outstanding principal amount participated in the solicitation, of which approximately 96% in principal amount and 93% in number of votes cast supported the plan.

In the aggregate, approximately 83% of the company's eligible debt participated in the solicitation, of which approximately 92% in principal amount and 88% in number of votes cast supported the Plan. Consistent with the company's previous announcement on November 1, 2009, all classes entitled to vote on the plan voted to accept the plan and all were substantially in excess of the required thresholds for a successful vote.

The company also announced it is giving eligible holders of Class 8 Long-Dated Senior Note Claims that did not vote to accept the plan the opportunity to elect impaired treatment under the plan and to receive new notes and common stock on the same terms as Class 8 noteholders who voted in favor of the plan. The company is giving these holders until 5:00 pm EST on December 4, 2009 to make this optional election. Noteholders must make this election by providing the appropriate instruction to the bank or brokerage through which they hold their Class 8 notes.

CIT reserves the right to accept an election after this deadline in the event of a request made prior to the deadline. Holders of Class 8 Long-Dated Senior Note Claims that did not vote to accept the plan and who do not elect impaired treatment prior to the election deadline will have their existing notes reinstated upon consummation of the plan. This optional election will have no impact on the voting results with respect to the plan.

As previously announced, with overwhelming and broad support from its debtholders, the company's Board of Directors voted to proceed towards confirmation of the plan on November 1, 2009. Under the plan, CIT expects to reduce total debt by approximately $10 billion, significantly reduce its liquidity needs over the next three years, enhance its capital ratios and accelerate its return to profitability. The U.S. Bankruptcy Court for the Southern District of New York scheduled a hearing to consider the confirmation of the plan for Tuesday, December 8, 2009.