CIT Group Inc. won court approval Monday to access the full amount of $500 million in financing from Bank of America Corp. as it moves toward exiting bankruptcy by the end of the year.

Judge Allan Gropper of the U.S. Bankruptcy Court in Manhattan gave final approval to the $500 million letter-of-credit facility for CIT. The judge allowed the company to access $125 million of the financing at the start of its bankruptcy case.

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