CIT Group on Tuesday said it lost $1 billion in the fourth quarter, excluding a huge one-time reorganization benefit.

The company also recorded a full-year loss of $4 million as losses from bad loans more than offset financial benefits from its bankruptcy reorganization.

The commercial lender emerged from bankruptcy protection on Dec. 10. Results for the year include a $10.3 billion pre-tax benefit from the reorganization.

In the fourth quarter, the company earned $3.2 billion, including the reorganization benefit. Excluding special accounting procedures and other items related to its reorganization, its quarterly pre-tax loss was $1 billion. That was due to low finance revenue and high borrowing costs, the company said.

Commercial net charge-offs, which reflects loans the company no longer expects will be repaid, totaled $385 million, or 4.77 percent of average finance receivables, in the fourth quarter.

Under its reorganization plan, the company canceled its common stock and issued new shares. Using previous shares outstanding, CIT Group lost a penny per share in 2009, and $11.06 per share in 2008.

CIT Group filed for bankruptcy protection on Nov. 1 after it failed to restructure outstanding debt and couldn't pay its bills. Its finances were hit by the credit market collapse and rising defaults among its customers.

The company's reorganization resulted in a $10.4 billion reduction in debt obligations and the issuance of 200 million new common shares, among other changes.