Beleaguered CIT Group Inc. has reworked the terms of a cash tender offer worth $1 billion of notes to push investors to deliver the debt as soon as possible. However, the company is still standing on the verge of bankruptcy.

New York-based CIT Group Inc's $1 billion of notes are going to mature in the coming month.

In its regulatory filing, CIT Group Inc. said that investors who would tender their notes by July 31 would obtain $50 early delivery payment in addition to $775 per $1,000 of securities they possess.

Those tendering after July 31 would obtain $775 for every $1,000, $50 less when compared with earlier offer of $800. The offer will last upto August 14.

If CIT's offer is completed successfully then the company will not opt for bankruptcy protection under chapter 11 rather it will practice restructuring efforts.

However, the company will have file for chapter 11 if the offer does not succeed.

CIT Group Inc. is expected to post a loss worth $1.5 billion for Q2. Earlier in the last 8 quarters the company has already posted losses worth more than $3 billion.

Shares of CIT Group Inc. soared to 75 cents, up 1 cent in NYSE composite trading.