In an agreement signed Thursday with creditors of Scottsdale-based Finova, General Electric Co.'s financial services unit and Goldman Sachs Group Inc. will provide about $7 billion of liquidity for the failed company's Chapter 11 bankruptcy protection. GE Capital will enter a servicing agreement to manage Finova's assets.

If approved by the US Bankruptcy Court in Delaware, then GE Capital would in effect seize control of Finova despite the company's previous agreement to a $6-billion reorganization plan struck with Berkadia LLC, a joint venture between Berkshire Hathaway Inc. and Leucadia National Corp. Earlier, Finova had rejected a GE's offer for Berkadia's. But creditors had complained that Berkadia's offer wasn't high enough and had terms that favored the would-be buyer. GE Capital says the bailout plan is subject to the completion of the company's due diligence.

Finova, one of the largest and most successful commercial finance companies in the country, had filed for Chapter 11 protection in March, listing assets of $12.5 billion and liabilities of $11.4 billion, primarily in bank and publicly traded debt securities. Finova, which provided construction lending, lost $75.7 million or $1.24 per share during this year's first quarter.