"The creditors of Finova have made a decision despite what we regarded as an extremely competitive offer," GE Capital spokesman John Oliver tells GlobeSt.com, "and that's that."
Finova filed for Chapter 11 protection in Delaware last March. GE Capital signed a letter of intent with Finova's creditors to help bail it out of its financial woes. Under the terms of that plan, GE and Goldman would have provided approximately $7 billion of liquidity for restructuring. Berkadia, a joint initiative between Berkshire Hathaway and Leucadia National Corp., responded with a counter offer, one that GE Capital refused to meet.
At the time, Oliver told GlobeSt.com that "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."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
