With news that its reorganization plan has been confirmed, CIT Group Inc. said today it anticipates emerging from Chapter 11 bankruptcy as soon as Thursday.

Upon emergence, CIT said it will commit $500 million to support its small business lending group to fund the SBA's 7(a) and 504 lending programs, as well as $1 billion in funding for its vendor financing operating segment. These commitments are in addition to the previously announced $1 billion in funding for its trade finance operating segment, which provides factoring services for mid-sized businesses, the company said.

The small business lender said the United States Bankruptcy Court for the Southern District of New York confirmed its prepackaged plan of reorganization and it is expected to emerge from bankruptcy Dec.10. Implementation of the plan reduces CIT's total debt by approximately $10.5 billion while deferring debt maturities for three years and enhances capital ratios to levels that exceed regulatory requirements, the company said. CIT is also conducting a search for a new CEO.