CIT Working With Bankruptcy Adviser

Mae Anderson, AP Business Writer

NEW YORK -- CIT Group(CIT Quote) is working with a premier bankruptcy firm as the troubled commercial lender awaits word on whether it will receive funds from a federal program designed to help banks, the company confirmed Saturday.

The New York-based company has engaged Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal Saturday.

However, acccording to the company CIT has worked with Skadden for "several years." ...