FINOVA Snapshot
FINOVA Group was once a major player in providing commercial financing, but now it has a few too many debts of its own. Large loan write-offs led to Chapter 11 bankruptcy, from which the company emerged just prior to the September 11 terrorist attacks of 2001; the tragedy and its financial fallout particularly hit the firm's large commitments in the transportation, resort, and hotel industries. Before it stopped taking new business, the finance company offered equipment and real estate financing to corporate clients through primary subsidiary FINOVA Capital. It is now in the process of liquidating. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National, owns 50% of FINOVA Group.