TORONTO, Nov. 2 /CNW/ - ROC Pref II Corp. (the "Company") announces that the decision of the Board of Directors of CIT Group Inc. ("CIT") to proceed with a prepackaged plan of reorganization is expected to constitute a credit event under the credit linked note ("CLN") issued by HSBC Bank USA to which the Company has exposure. In early October 2009, CIT initiated a series of voluntary exchange offers designed to recapitalize its balance sheet and significantly reduce its debt in an out-of-court restructuring. In addition to the exchange offers, CIT also solicited most bondholders and other holders of CIT debt to approve a prepackaged plan of reorganization so that CIT had the option to proceed with a voluntary bankruptcy filing. The conditions for consummating the exchange offers were not met and all classes voted to accept the prepackaged plan.