NEW YORK — CIT Group's board approved a deal with major bondholders to keep the company out of bankruptcy with a $3 billion rescue loan, according to published reports.

The emergency loan gives the commercial lender some desperately needed breathing room to refinance maturing debt amid a major liquidity squeeze.

Shares of CIT Group jumped 59 cents, or 84 percent, to $1.29 in premarket trading today.

CIT representatives were not immediately available to comment on the reported financing deal.

CIT had been trying to reach a deal with the federal government for emergency funding before talks broke down last week. CIT, one of the nation's largest lenders to small and midsize businesses, had warned depriving it of more federal aid could imperil about a million corporate borrowers — from Dunkin' Donuts franchisees to retailer Dillards.

But the Obama administration turned down the company's request, showing it's drawing a line on federal rescues for troubled financial firms.

Once talks with government officials fell apart, CIT turned to some of its major bondholders for financial help, reportedly striking a deal Sunday.

The emergency loan would provide temporary financing to CIT so it could launch a debt exchange offer to free itself from upcoming debt maturities.