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Weeks into CIT Group Inc.'s restructuring, professionals at the finance company's middle-market investment bank boutique are still wondering about their fate.
Bankers at Charlotte, N.C.'s Edgeview Partners are working on deals, some of which are about to come to fruition soon, but CIT has maintained radio silence on the M&A boutique's future, market participants say.
"They have gotten no word on their fate from CIT with respect to the bankruptcy," a market participant who has done business with CIT and Edgeview said. "There has been no dialogue with CIT about what will happen to them post-bankruptcy."
CIT, for its part, says it's still committed to staying the course it set when it acquired Edgeview two years ago. In a presentation to creditors, CIT made clear that Edgeview has a role in the lender's future, and a CIT spokesman seemed to reaffirm that commitment in an e-mail to IDD this week. CIT filed for bankruptcy on Nov. 1 and sources familiar with its restructuring say the finance company wants to complete its court-supervised workout in 30-40 days.
"Upon emergence our focus will remain on supporting the small business and middle-market sectors," CIT spokesman Curt Ritter said.
Although a recent IDD story put a spotlight on Edgeview and the desire of some its current and former managers to extricate the firm from...