Press Release: The FINOVA Group Inc.
April 12, 2002
SCOTTSDALE, AZ -- The FINOVA Group Inc. (OTC Bulletin Board: FNVG) announced yesterday that is has sold approximately
$485 million of its franchise finance portfolio to GE Capital Franchise Finance Corporation and GE Capital Canada
Equipment Financing Inc., for approximately $490 million. This sale includes substantially all the performing assets
in FINOVA's franchise finance portfolio, and represents approximately 7.5% of the Company's total financial assets
at December 31, 2001. FINOVA will continue the orderly liquidation of approximately $220 million of its retained
franchise finance portfolio, which substantially consists of non-performing assets. The Company will use the net
proceeds from the transaction to repay a portion of the loan it obtained in August 2001 from Berkadia, LLC.
The FINOVA Group Inc., through its principal operating subsidiary, FINOVA Capital Corporation, is a financial services
company headquartered in Scottsdale, Ariz.
SOURCE: The FINOVA Group Inc.