In a quarterly regulatory filing and a conference call last Thursday the battered Bermuda-based conglomerate made clear that much of its plans for the year hinge on its planned sale of CIT Group, which it acquired last year.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
Failure to complete the sale by the end of June could cost Tyco another piece of its already eroded credibility with investors and could trigger a severe cash crunch, according to the company's 10-Q filing with the Securities and Exchange Commission.