As part of this offer, Icahn is telling bondholders that voted against the pre-packaged plan, at his behest, that they will receive modified terms of his tender offer. Icahn in this scenario will make sure that those nay-saying bondholders are "protected at $600 per note for 30 days," says a release, whether or not the exchange offer/prepackaged plan fails. Icahn has been fighting the pre-packaged plan publicly and privately as the self-purported largest bondholder.

"We are pleased that CIT has made a number of changes as a result of our labors," Icahn says in a statement. "Most importantly, CIT has now agreed to give control to the noteholders. The changes include the accelerated process for appointing new directors. CIT has also agreed to important enhancements to the second lien covenenta. These changes significantly improve corporate governance and cash flow protections, and are positive for the company and all noteholders."

CIT says in a statement: "We are pleased to have reached this agreement with Mr. Icahn. Our ability to secure an incremental $1 billion committed line of credit from Mr. Icahn's affiliates supports our restructuring plan and helps ensure our ability to continue to serve our existing small business and middle market customers."