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The company applied for Chapter 11 protection from creditors on 1 November after the bulk of its bondholders approved the "prepackaged" re-organisation.
Under the bankruptcy plan, agreed by CIT's lenders, the company's creditors will become its new owners, while most of its bondholders will receive new debt, equal to some 70% of their old debt value.
The US government, which granted CIT USD2.3bn (EUR1.5bn) in December 2008, will most probably lose the bulk of it.
CIT expects to get out of insolvency by the end of 2009 and to lower its obligations by USD10bn.
The New-York based company's assets made up USD71bn on 30 June, while liabilities totalled USD64.9bn, data from the bankruptcy petition showed.
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