Bond giant Pacific Investment Management Company has sold its position in a recent emergency loan for CIT Group Inc. (CIT) as the century-old lender battles to stave off bankruptcy, according to people familiar with the matter.

(This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.)

The move comes as CIT struggles to end months of uncertainty about its future. PIMCO was one of six members of a steering committee of CIT's largest bondholders that put in place $3 billion of financing for the company at the end of July.

PIMCO couldn't immediately be reached for comment.

-By Mike Spector, The Wall Street Journal; 212-416-2572; mike.spector@wsj.com

(Kate Haywood and Joe Bel Bruno contributed to this article.)