GE Capital, as well as Goldman Sachs, will provide approximately $7 billion of liquidity for restructuring. Oliver assures, "We're in financial services and have a great deal of experience along the lines of what Finova's planning with its restructuring. This is home turf for us."
Not only will GE Capital provide liquidity, but also it plans to mange Finova's assets. Oliver says the company will work with those owed by the "estate, being Finova," as well as Finova's board of directors, management and shareholders to "move the transaction through the Finova bankruptcy process."
Oliver explains that the first step is for GE Capital the creditors to "go into bankruptcy court. If the judge approves, we undertake due diligence. We read the books and kick the tires."
In a written statement, Denis Nayden, chairman and CEO of GE Capital writes, "This transaction is designed to take full advantage of GE Capital's recognized breadth and depth in financial products and services. Our experience as asset and portfolio managers, together with our understanding of Finova's business lines, makes GE Capital a preeminent source to realize the most value from this property."
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