Judge Allan Gropper recently approved American lender CIT group's debt re-organization plan, clearing the way completely for the company to officially exit its bankruptcy protection within a few days.

The new plan presented will reduce the group's outstanding debt by as much as $10.5 Billion (6.5 Billion Pounds), and it has already been approved by all other parties involved, including the bondholders.

In a statement, CIT had shared that it expects to emerge from the bankruptcy protection offered, on December 10. The group had been much hurt during recession, as its various bad loans were exposed, and it then filed for bankruptcy protection on 1 November after failing to restructure its debt.

"We can't ignore the need for restructuring. If a company that has fundamental value - as I'm assured this one does - does not restructure and does not get in a position to take its appropriate place in the marketplace it will ultimately fail entirely, and that will do no-one any good", said Judge Gropper while announcing the plan's approval.