CIT Short Changed?

Reports contend that a CIT bankruptcy may be avoided via an 11th hour bondholder-led deal estimated to be valued at $3B and includes major restructuring of its balance sheet.  At this time, CIT is offering a debt exchange, an update to the tender offering, which was set ot expire by August 17th. I remain troubled by the system and lack of transparency that brought this company to the cliff.  I have read and you may have as well that plan A. was government assistance and Plan B. was to ask again.  Was CIT short changed or was this truly the management plan A and B?

I do not typically subscribe to Monday morning quarterbacking, which makes this play-by-play even all the more perplexing to me.  The reason I am more passionate about CIT than some of the other companies …