FiNova.com is a Scottsdale, AZ based financial lender and consultant
Title
FINOVA --FINOVA specializes in asset based lending, commercial financing, commercial loans and leases, commercial lending, middle market finance, accounts receivable financing,cash flow financing, real estate financing and much more.
Contact
- FINOVA Group Inc
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- Scottsdale AZ
- United States 85251
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- 999 999 9999
Description
SCOTTSDALE, Ariz. - March 7, 2001 - The FINOVA Group Inc. (NYSE: FNV), a diversified financial services company, and eight of its subsidiaries, including FINOVA Capital Corporation, today voluntarily filed to reorganize their debt under Chapter 11 of the U.S. Bankruptcy Code. The action is part of an agreement announced last week in which Berkshire Hathaway Inc. (NYSE:BRK.A, BRK.B) and Leucadia National Corporation (NYSE and PCX:LUK) would provide FINOVA Capital a $6 billion loan in connection with the restructuring of the company's outstanding bank and publicly traded debt.
Subject to Court approval, FINOVA Capital will use proceeds of the $6 billion senior secured five-year term loan to pay down, at par value, its existing bank and publicly traded indebtedness on a pro rata basis. Under the agreement with Berkshire Hathaway and Leucadia, and pending Court approval, the balance of FINOVA Capital's bank and bond indebtedness will be restructured into approximately $5 billion of new senior notes of FINOVA.
In addition to The FINOVA Group Inc. and FINOVA Capital Corporation, the filing entities include: FINOVA (Canada) Capital Corporation; FINOVA Capital plc; FINOVA Loan Administration Inc.; FINOVA Mezzanine Capital Inc.; FINOVA Portfolio Services, Inc.; FINOVA Technology Finance, Inc.; and FINOVA Finance Trust.