WASHINGTON — CIT Group Inc.'s board approved a deal last night with major bondholders to keep the company out of bankruptcy with a $3 billion rescue loan, according to various news reports. The emergency financing is intended to give the ailing company time to restructure some of the billions of dollars in debt payments coming due this year, the reports said, citing anonymous sources.

CIT representatives could not immediately be reached for comment. CIT has been scrambling to raise $2 billion to $4 billion after the federal government refused to bail out the company.

REPORT DETAILS BAILED-OUT BANKS' SPENDING

WASHINGTON — Many of the banks that got federal aid to support increased lending used some of the money to make investments, repay debts or buy other banks, according to a report from the special inspector general overseeing the government's financial rescue program.

The report, published today, surveyed 360 banks that got money through the end of January and found that 110 had invested at least some of it, 52 had repaid debts and 15 had used funds to buy other banks. About 300 said at least some of the money went to new lending.