FUNDING NEEDS The company said estimated funding needs for the yearending June 30, 2010, include $7 billion of unsecured debt. CIT said that if it filed for bankruptcy, the FDIC couldplace its banking unit into receivership or conservatorship,shielding its assets from creditors. The cost of insuring $10 million of CIT debt againstdefault for five years rose to $4.7 million upfront plus annualpayments of $500,000 Late on Monday the upfront payment was$3.914 million. 17, offering 82.5 cents on the dollar forbondholders who tender before July 31. According to MarketAxess, the notes were trading at around85 cents on the dollar on Tuesday, a sign that bondholders arelikely to hold out for a higher price. “Disruptions in the credit markets that began in 2007 …have materially worsened in the first and second quarters of2009,” CIT said in a regulatory filing. CIT VS CREDITORS CIT is tendering for nearly $1 billion of floating-ratesenior notes due Aug.

The company has been denied access to a Federal DepositInsurance Corp program to sell government-backed debt, and saidthe debt tender offer announced Monday is only a first step tobuilding necessary liquidity for the long term, a process itsaid could include asset sales. “These guys aren’t out of thewoods yet, and I don’t think anybody believes they are.” CIT’s problems came even after the company in Decemberreceived $2.33 billion from the government’s Troubled AssetRelief Program. “A lot of people out there think this could be just aband-aid,” said Christopher Munck, a high-yield bond trader atB Riley & Co in Los Angeles. government declined help to CIT, forcing thecompany to turn to private investors for critical cash.

The New York-based lenderhas lost close to $3.3 billion since the end of 2007 The U.S. “They arefighting a huge uphill battle, and all the efforts to sourcetemporary funding are having little reception.” Problems at CIT stemmed in part from Chief ExecutiveJeffrey Peek’s decision earlier in the decade to expand intosubprime mortgages and student loans. “We think every day the odds of bankruptcy aresubstantially higher,” said Keith Wirtz, president and chiefinvestment officer of Fifth Third Asset Management. Microsoft Corp (MSFT.O) said on Tuesday it had terminated avendor-financing deal with lender CIT. Several analysts and bankers have said the rescue financingmight only delay a bankruptcy filing, in light of skittishnessamong CIT’s small and mid-size business customers, and the101-year-old lender’s inability to readily tap capitalmarkets. A day after winning $3 billion in emergency financing, CITsaid it might still be headed for bankruptcy court if it isunable to get enough support for a tender offer for notes thatmature next month.

In late afternoon trading, CIT shares were down 27 cents,or 21.6 percent, at 98 cents, and the cost to insure CIT debtagainst default increased. Intel CorporationTom Beermann, 408-765-6855 (media)orKevin Sellers, 480-363-2642 (investors)Copyright Business Wire 2009. * Says failure of note offer could lead to bankruptcy Stocks  |  Bonds * Shares fall 21.6 percent, cost to insure debt rises * Microsoft terminates vendor-financing deal (Updates with Microsoft terminating vendor-financing deal) By Juan Lagorio and Dena Aubin NEW YORK, July 21 (Reuters) – CIT Group Inc (CIT.N) said itmay post a loss exceeding $1.5 billion for the second quarterand could file for bankruptcy protection if bondholders rejecta debt restructuring, raising new fears that the lender to some1 million businesses might fail. Intel is a registered trademark of Intel Corporation in the United States andother countries. Intel [NASDAQ: INTC], the world leader in silicon innovation, developstechnologies, products and initiatives to continually advance how people workand live. Additional information about Intel is available at and blogs.intel .

Such risksand uncertainties include, but are not limited to, the anticipated use of theproceeds of the offering. Intel does not undertake any obligation to update anyforward-looking statements to reflect events or circumstances occurring afterthe date of this press release. This press release contains certain forward-looking statements that are subjectto known and unknown risks and uncertainties that could cause actual results todiffer materially from those expressed or implied by such statements. The debentures have not been and will not be registered under the Securities Actof 1933, as amended, or any state securities laws and may not be offered or soldin the United States absent registration or an applicable exemption fromregistration requirements.

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