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This excerpt taken from the CIT 8-K filed Dec 18, 2009. Overview
Transportation Finance – Overview and Strategy Update Full utilization in aerospace book; rail utilization under pressure Portfolio credit performance strong
Funding currently limited to contractual commitments (e.g., deliveries for aircraft and Operating lease businesses unlikely to be transferred to CIT Bank Strong order book and young fleet facilitates preservation of franchise value
Provides commercial leasing, private aircraft leasing and financing solutions to operators
Aerospace portfolio of approximately 325 aircraft, operated by 109 customers in 55 Rail fleet of over 100,000 railcars and 1,000 locomotives, serving ~500 customers Relatively young fleets compared to competitors This excerpt taken from the CIT 8-K filed Oct 19, 2009. Overview
Through the consummation of the Offers or Plan of
Reorganization, the Company intends to restructure its capital
structure, improve its liquidity position, enhance its capital
levels, and accelerate its return to profitability, while
providing adequate time to execute its business restructuring
strategy. Upon the terms and subject to the conditions set forth
in this Offering Memorandum and Disclosure Statement and the
accompanying Letter of Transmittal and/or Ballot, we are
offering to exchange the Old Notes for the New Notes
and/or New
Preferred Stock in the Offers and soliciting acceptances of the
Plan of Reorganization.
In connection with the transactions contemplated by the
Offers and the Plan of Reorganization, you may elect to
(i) tender your Old Notes in the Offers which will also
constitute a vote to accept the Plan of Reorganization,
(ii) vote to accept the Plan of Reorganization without
tendering your Old Notes, (iii) vote to reject the Plan of
Reorganization without tendering your Old Notes or
(iv) take no action with respect to the Offers and the Plan
of Reorganization. In the event that you choose to take no
action with respect to the Offers and the Plan of
Reorganization, you will have rejected the Offers and will have
no bearing on the approval of the Plan of Reorganization.
If the Company consummates the Offers, tendering holders of Old
Notes will receive the consideration described in this Offering
Memorandum and Disclosure Statement.
If the Company does not consummate the Offers and elects to
proceed with a restructuring under the Plan of Reorganization,
all holders of Old Notes will receive the treatment provided in
the Plan of Reorganization upon consummation of the Plan of
Reorganization (if approved).
If the Offers are not consummated and the Plan of Reorganization
is not accepted, the Company expects that it will likely be
necessary to file for bankruptcy protection without the benefit
of an agreed plan of reorganization, which may require
significant and accelerated asset liquidations. No decision has
been made by the Company’s board of directors to file
petitions for relief under the Bankruptcy Code.
This excerpt taken from the CIT 8-K filed Oct 2, 2009. Overview
Through the consummation of the Offers or Plan of
Reorganization, we intend to restructure the Company’s
capital structure to improve the Company’s liquidity
position, enhance our capital levels, and accelerate our return
to profitability while providing adequate time to execute the
business restructuring strategy. Upon the terms and subject to
the conditions set forth in this Offering Memorandum and
Disclosure Statement and the accompanying Letter of Transmittal
and/or Ballot, we are offering to exchange the Old Notes for the
New Notes
and/or New
Preferred Stock in the Offers and soliciting acceptances of the
Plan of Reorganization.
In connection with the transactions contemplated by the
Offers and the Plan of Reorganization, you may elect to
(i) tender your Old Notes in the Offers and vote to accept
the Plan of Reorganization, (ii) vote to accept the Plan of
Reorganization without tendering your Old Notes, (iii) vote
to reject the Plan of Reorganization without tendering your Old
Notes or (iv) take no action with respect to the Offers and
the Plan of Reorganization. In the event that you choose to take
no action with respect to the Offers and the Plan of
Reorganization, you will have rejected the Offers and will have
no bearing on the approval of the Plan of Reorganization.
If we consummate the Offers, tendering holders of Old Notes will
receive the consideration described in this Offering Memorandum
and Disclosure Statement.
If we do not consummate the Offers and elect to proceed with a
restructuring under the Plan of Reorganization, all holders of
Old Notes will receive the treatment provided in the Plan of
Reorganization upon consummation of the Plan of Reorganization
(if approved).
If the Offers are not consummated and the Plan of Reorganization
is not accepted, the Company expects that it will likely be
necessary to file for bankruptcy protection without the benefit
of an agreed plan of reorganization, which may require
significant and accelerated asset liquidations. No decision has
been made by the Company’s board of directors to file
petitions for relief under the Bankruptcy Code.
This excerpt taken from the CIT DEF 14A filed Apr 4, 2007. Overview In 2006, our Compensation Committee, with direct input from senior management, reviewed each executive officer’s complete compensation package and the associated performance requirements for incentive awards. This review process was supplemented by tally sheets, which outlined the aggregate and individual value of the various compensation components, an assessment of employment contracts and other contractual obligations, and the value of outstanding awards held by executive officers. The Compensation Committee assessed the competitiveness of each executive officer’s compensation based on a review of data from comparable organizations for positions of similar responsibility, title, and other factors, which we refer to as “competitive benchmarking.” At year-end, we reviewed the performance of our Company and of executives relative to individual performance goals developed and monitored throughout the year. Our management proposed adjustments to the results, in order to reflect its final assessment of absolute and relative value creation. We believe this process allows us to protect against overpaying when shortcomings in target-setting exist and, conversely, from underpaying during the growth and investment stage when entering new markets. We also believe this process supports the requisite link between our executive compensation program and our long-term business strategy for delivering stockholder value. Our Total Reward Philosophy was at the center of our 2006 compensation program for executive officers. In setting Total Compensation for 2006, we determined a dollar value for each executive officer’s Total Compensation and followed a formula to value the equity components of that compensation. As noted above, we allocated annual incentive compensation for 2006 between cash and equity awards. The annual cash incentives for 2006 are shown in the Summary Compensation Table of this Proxy Statement. The equity components represent performance shares and options granted (or to be granted) to the Named Executive Officers in 2007. The mix of base salary and incentives allows us to align executive officer compensation with long-term
corporate objectives, the goals of the business units for which each executive officer has responsibility, and stockholder interests. The percentage of incentives delivered in cash versus equity awards is in relation to the executive officer’s responsibilities, the positioning against benchmarking data, and our approach of allocating more of the overall compensation package to long-term incentives. By determining the mix of cash and equity incentive at the end of the year, we are also better able to integrate Total Compensation decisions with our Total Reward Philosophy. The incentive compensation components of Total Compensation for 2006 were driven by our annual and long-term performance as a whole and, where applicable, the particular business units for which an executive officer has oversight and responsibility. Key performance metrics may differ from year to year but generally include objective financial measures and subjective non-financial measures. During 2006, financial performance measures included net income, return on common equity (“ROCE”) and earnings per share (“EPS”). Subjective assessments of individual performance against non-financial objectives for 2006 included business development, cross-selling initiatives, teamwork, and talent management and development. This excerpt taken from the CIT 8-K filed Feb 8, 2006. Overview Specialty Finance ($29 billion) Vendor Finance Consumer / Small Business Lending Commercial Finance ($34 billion) Trade Finance Corporate Finance Transportation Finance Equipment Finance Client Focus Life Cycle Financing Disciplined Underwriting Seasoned Leadership Long standing customer relationships Full product and service offering Cash flow and collateral expertise Broad and deep management team Leading global finance company with $63 billion of managed assets 3
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