The CIT Group Inc.announced plans to divest certain non-core assets, including the sale of a real estate investment and intention to sell certain aerospace and manufactured housing assets. CIT will offer approximately $190 million older-vintage, out-of-production aircraft, as well as accelerate the liquidation of approximately $100 million in manufactured housing receivables. The aircraft divestiture will result in a pre-tax loss of approximately $90 million in 3Q05, while the MH liquidation will result in a pre-tax loss of approximately $20 million in 3Q05.

 

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