Struggling US lender CIT Group secured a $3 billion loan facility from its bondholders yesterday and said it plans a comprehensive restructuring of its liabilities.

The emergency loan will ward off threat of imminent bankruptcy for the 101-year-old company.

However, many experts are questioning its ability to survive in the current form.

Several analysts and bankers said that the rescue financing might only delay a bankruptcy filing, in light of skittishness among CIT customers and the New York-based company's inability to readily tap capital markets.

The loan gives the lender more time to restructure its debt, and preserves the ability of thousands of businesses to obtain cash needed for day-to-day operations.