Print Email this page In the News

Pryor Cashman Bankruptcy Partner Mark Jacobs was quoted by Reuters in a September 4, 2009 article about finance company CIT Group Inc. and its financial problems. 

The article, entitled “CIT factoring clients have few alternatives,” notes that CIT’s factoring business has so far been protected by not only a lack of competition and financing availability, but the year-long contracts with few out clauses that mark the industry, factoring experts said. As Jacobs told Reuters: “The CIT agreements typically have fairly stringent termination provisions from a perspective of a customer. The agreements can typically only be terminated on their anniversary, and even then CIT needs 60 days notice.”

To read the Reuters article, please click here.