I have some CIT stocks. what happens if they file bankrupcy (chapter 11)? It looks like they are going to file pre-packaged ( i believe ch11), within next couple day. Is my stock going to be valued $0 ? What if I decide to keep the stock for long term? If the company restructure and do well after many years, is it worth it to keep the stock?
http://www.sec.gov/investor/pubs/bankrupt.htm
