CIT Group, the New York finance company, said it is planning an exchange offer for some of its unsecured notes in an effort to shore up its liquidity, but if it does not complete the offer the company may file for a Chapter 11 bankruptcy filing.

The plan has CIT Group Inc. and CIT Group Funding Company of Delaware launching exchange offers for certain unsecured notes. The exchange offer expires on Oct. 29. At the same time, CIT is soliciting bondholders and other holders of CIT debt to approve a prepackaged plan of reorganization.

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