Billionaire Carl Icahn says he offered a $6bn loan to stricken US lender CIT

Corporate raider Carl Icahn said he offered to underwrite a $6bn (&pound;3.7bn) loan to CIT Group and complained that trading between the troubled lender and its largest creditors was harming other bondholders.<br /><br />In a letter to CIT&rsquo;s board yesterday, Icahn said the cash-strapped commercial lender is offering certain large bondholders the opportunity to purchase $6bn in secured loans well below their fair market value.<br /><br />The billionaire investor, who has made himself a champion of improved corporate governance, said CIT&rsquo;s offer comes at the expense of thousands of smaller bondholders who would not have the same opportunity.<br /><br />In order to purchase the loans, the large bondholders would be required to vote in favour of the company&rsquo;s proposed exchange offer or its plan of reorganisation.<br /><br />&ldquo;This is a bad-faith attempt to buy votes for the company&rsquo;s exchange offer/plan of reorganisation,&rdquo; Icahn said, adding that he saw no reason why the current CIT board should continue to control the company.<br />