**US lender CIT Group’s reorganisation plan has been approved by a judge, paving the way for it to exit bankruptcy protection within days.**The plan will reduce the group’s debt by $10.5bn (£6.5bn). It had already been approved by bondholders.
CIT said in a statement it expected to emerge from bankruptcy on 10 December.
CIT suffered in the recession as its many bad loans were exposed. It filed for bankruptcy protection on 1 November after failing to restructure its debt.
“We can’t ignore the need for restructuring,” Judge Allan Gropper said in approving the plan.
“If a company that has fundamental value - as I’m assured this one does - does not restructure and does not get in a position to take its appropriate place in the marketplace it will ultimately fail entirely, and that will do no-one any good.”