CIT Receives Federal Reserve Approval to Acquire Heller Financial's Commercial Services Unit; Transaction Expected to Close by December 1, 1999.LIVINGSTON, N.J.--(BUSINESS WIRE)--Nov. 11, 1999-- The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group, Inc. (NYSE NYSE See: New York Stock Exchange :CIT) has received approval from the Federal Reserve Board to acquire certain of the assets of Heller Financial's Commercial Services unit. No other regulatory approvals are required. The transaction is expected to close on or before December 1, 1999. On October 4, 1999, CIT announced that it signed an agreement with Heller Financial, Inc. (NYSE:HF) to purchase certain of the assets of its domestic factoring unit. As of August 31, 1999, Heller's Commercial Services unit had total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of $435 million reflecting $953 million of factored accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and $518 million of credit balances due factoring clients. Founded in 1908, CIT is one of the nation's largest commercial and consumer finance companies. For more information, visit the Company's Web Site at www.citgroup.com. |
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