SCOTTSDALE, Ariz. Finova Group Inc. and a venture including billionaire investor Warren Buffett, sweetened their offer to creditors late Wednesday as they try to fend off a rival bailout plan.
Finova and the venture, known as Berkadia LLC, offered unsecured creditors about 64 cents per $1 before the bankruptcy filing and 3 cents for each $1 of post-bankruptcy claims, according to a company statement. That would be an increase from 60 cents earlier this month and an initial offer of 54 cents.
Creditors last week reached a separate $7 billion agreement with General Electric Capital Corp. and Goldman Sachs Group Inc. pitting them against management and Berkadia.
Berkadia, which is a joint venture between Mr. Buffetts Berkshire Hathaway Inc. and Leucadia National Corp., also said it would reduce the interest rate on the $6 billion loan.