EX-99.1 2 e22464ex991.txt PRESS RELEASEA Exhibit 99.1 [LOGO] Media Contact: Kelley J. Gipson Executive Vice President Director of Marketing and Corporate Communications (973) 422-3235 Investor Contact: Valerie L. Gerard Executive Vice President Investor Relations (973) 422-3284 Stephen Klimas Vice President Investor Relations (973) 535-3769 CIT QUANTIFIES EXPOSURE TO DELTA AIR LINES NEW YORK, NY, September 14, 2005 -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, disclosed its current financing relationship with Delta Air Lines, Inc. Today, Delta announced that the Company and certain of its subsidiaries had filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Under existing lease agreements, Delta has operating leases on two CIT-owned aircraft plus three engines, as well as an equity position in a tax-optimized leveraged lease on one aircraft. In addition, CIT has debt exposure against five Delta aircraft. CIT's total exposure, including secured financing in our Equipment Finance and Vendor Finance businesses, is approximately $100 million. Management believes, based on its current assessment of lease equipment carrying values, Delta credit exposure, and corresponding reserves, that the Delta filing will not have a material adverse impact on our financial results. About CIT: CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City and Corporate Offices in Livingston, New Jersey, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com. # # #