WILMINGTON, Del. - A bankruptcy judge here authorized Finova Group Inc. to proceed with a $7.35 billion recovery plan proposed by Warren Buffett and Leucadia National Corp.
In approving the recovery plan's disclosure documents, U.S. Bankruptcy Judge Peter J. Walsh overruled an objection by GE Capital Corp. and Goldman Sachs Group Inc. On Friday creditors had rejected a $7.25 billion offer by GE Capital and Goldman Sachs in favor of the higher offer from a joint venture of Mr. Buffett's Berkshire Hathaway Inc. and Leucadia.
The judge also approved a $6 billion loan from the venture, known as Berkadia LLC, and a management agreement.
Finova failed last year after some clients were unable to repay loans.