CIT Group Inc. won court approval Tuesday of a plan to cancel old shares, shed debt and exit bankruptcy court protection with new stock worth as much as $11 billion.

U.S. Bankruptcy Judge Allan Gropper in New York confirmed CIT's so-called prepackaged Chapter 11 reorganization plan, which already had creditor support when CIT, a 101-year-old commercial lender, filed for bankruptcy last month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.