Finova Group Inc., a commercial finance firm that has struggled with rising loan losses and profit disappointments for more than a year, may have gotten a reprieve Monday.

Leucadia National Corp. agreed to put $350 million into the Scottsdale, Ariz., firm. The investment would give Finova some breathing room as it attempts to negotiate new terms for $1.6 billion of debt that is to come due in May. It would also give Finova more flexibility to wind down certain businesses, including corporate finance and business credit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.