In response to Berkadia LLC's revised offer released on May 30, John Oliver, a spokesman for GE Capital tells GlobeSt.com, "We are continuing to work with Finova's creditors and we believe we have reached a competitive arrangement and that is the state of play." Oliver adds that the Finova creditors have signed a letter of intent for the GE Capital financing deal.

While specific details of the GE Capital plan, in partnership with Goldman Sachs, have not been released, officials involved in the deal note that GE Capital/Goldman Sachs would provide Finova with approximately $7 billion of liquidity. The plan must meet the approval of the Delaware Bankruptcy Court. While GE Capital has a signed letter of intent with Finova's creditors, the Berkadia venture has the backing of Finova's management.

On May 30, officials with Berkadia LLC reported that it had agreed to modified terms for the proposed Joint Plan of Reorganization previously filed with the Delaware Bankruptcy Court by Finova and eight of its subsidiaries. Some of the revisions of its original plan include the interest rate on Berkadia's $6-billion loan to Finova Capital will be LIBOR plus 225 basis points per year.