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.

The move comes as CIT is struggling 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.

A provision in the loan agreement requires members of the steering committee to hold a certain amount the debt, one of these people said. The amount of the position PIMCO sold triggered that provision and forced it off the committee, this person said.

PIMCO couldn't immediately be reached for comment.

CIT spokesman Tim Lynch declined to comment on the membership of the steering committee.

CIT last Thursday announced details of a sweeping debt exchange aimed at getting holders of about $31 billion in bonds to cut this debt by at least $5.7 billion and to extend debt maturities. At the same time, CIT is asking bondholders to vote on a prepackaged bankruptcy plan.

The restructuring plan was orchestrated by three members of the steering committee: Oaktree Capital Management, Centerbridge Partners and Capital Research & Management, people familiar with the situation said last week. This suggests that PIMCO may have sold out of its position a few weeks ago.

Under the exchange offer, bondholders would get new secured debt worth as much as 90 cents on the dollar if they currently own bonds that mature this year, but would end up with less if they own bonds maturing later.

Investors have until 11:59 p.m. Eastern time on Oct. 29 to tender their bonds under the restructuring plan. Earlier Wednesday, it cost investors $3.8 million upfront plus a $500,000 annual fee to insure $10 million of this debt, according to CMA DataVision. That indicates an acute level of distress, and indicates that bondholders aren't betting that the company will successfully restructure out of court.

The cost compares with $3.75 million upfront late Monday.

Shares of CIT fell 2 cents to $1.15 in midday trading on the New York Stock Exchange.

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

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