CIT Group says 3Q loss widened to $1.07 billion

NEW YORK (AP) — Commercial lender CIT Group, which recently filed for bankruptcy protection, says it lost $1.07 billion during the third quarter.

One of the nation's largest lenders to small and mid-sized businesses, CIT Group filed for bankruptcy protection Nov. 1 as it was unable to get bondholder approval to reduce mounting debt.

CIT was hit hard by the credit crisis as its costs to borrow money outpaced revenue generated from providing loans.

CIT, which is based in New York, said after the markets closed Monday that its losses swelled to $2.74 per share. It lost $317.3 million, or $1.11 per share, during the year-ago period.

CIT has entered bankruptcy protection under a preapproved plan from bondholders. It is aiming to complete the reorganization by the end of the year.