Published:
Wilmington Trust Not a CIT Group Inc. Creditor
WILMINGTON, Del. - (BUSINESS WIRE) - Wilmington Trust, a leading provider of institutional trustee, agency,
and administrative services through its Corporate Client Services (CCS)
business, said today that it is serving as trustee for certain equipment
financing transactions involving CIT Group Inc. (CIT), which filed for
Chapter 11 protection on Sunday, November 1, 2009 in the United States
Bankruptcy Court, Southern District of New York.
News reports may have led some observers to believe that Wilmington
Trust has loaned money to CIT Group. In fact, Wilmington Trust is not a
creditor of CIT Group. Wilmington Trust serves as indenture trustee,
transfer agent, registrar, and paying agent in various equipment
financing transactions involving CIT. Wilmington Trust is paid a fee for
these providing these trustee services. CIT's bankruptcy has no effect
on Wilmington Trust's balance sheet, credit quality, or financial
condition.
Wilmington Trust's CCS business offers institutional trustee, agency,
asset management, retirement plan, and administrative services for
clients worldwide who use capital market financing structures, as well
as those who seek to establish or maintain nexus, or legal residency,
for special purpose entities. Because Wilmington Trust does not
underwrite securities offerings or provide investment banking services,
it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE:WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory Services for high-net-worth clients
in 36 countries, and Corporate Client Services for institutional clients
in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Wilmington Trust Corporation
News
Media
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
or
Investors
and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
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