Recall that CIT sweetened the terms of proposed debt exchange offer to help the company reduce its debt and pave the way for a restructuring. Bondholders have until Oct. 29 to vote.

One big-name bondholder is already voicing his objections. Carl Icahn, who is apparently one of the lenders' biggest creditors, has written a tough letter to the board detailing his objections, reports TheStreet.com. "As CIT's largest creditor we see no reason that the current Board (whose negligence created this mess in the first place) should continue to control our company," he wrote.

He said the sweetened terms basically amount to buy off the debt holders; they get nice terms in exchange for voting for the plan. Icahn offered his own $6 billion loan that a fee that is just half of what is currently being offered. It may well have some other strings attached.

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