Finova Group, a lender to midsize companies, said Friday that it has hired an outside adviser, Jay Alix & Associates, to develop a financial plan, including the renegotiation of $1.6 billion of bank debt due in May.

The Scottsdale, Ariz., company has been beset with loan losses and profit disappointments since last year. In March, Samuel L. Eichenfield, the company’s chief executive officer, resigned amid rising concerns over credit quality. Last year Finova had to restate prior-year earnings after it dropped gain-on-sale accounting.

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