8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                                  March 7, 2001
                        (Date of earliest event reported)


                           FINOVA CAPITAL CORPORATION
             (Exact Name of Registrant as Specified in its Charter)


          Delaware                    1-7543                     94-1278569
(State or Other Jurisdiction        (Commission                (IRS Employer
      of Incorporation)             File Number)             Identification No.)


4800 North Scottsdale Road, Scottsdale, Arizona                  85251-7623
   (Address of Principal Executive Offices)                      (Zip Code)


                                 (480) 636-4800
               Registrant's telephone number, including area code


                                      None
          (Former Name or Former Address, if Changed Since Last Report)

ITEM 5. OTHER EVENTS

     On March 7, 2001, The FINOVA Group Inc. announced that it and eight of its
subsidiaries, including FINOVA Capital Corporation, had filed voluntarily
petitions for reorganization under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court in Wilmington, Delaware. In addition
to The FINOVA Group Inc. and FINOVA Capital Corporation, the filing entities
include FINOVA (Canada) Capital Corporation, FINOVA Capital plc, FINOVA Loan
Administration Inc., FINOVA Mezzanine Capital Inc., FINOVA Portfolio Services,
Inc., FINOVA Technology Finance, Inc. and FINOVA Finance Trust.

         The FINOVA  entities  obtained  bankruptcy  court  orders March 7, 2001
that,  among other things,

     *    preserve their ability to run their businesses in the ordinary course,
          including honoring prepetition commitments for customer loans, leases
          and other financings, selling or leasing of repossessed, refurbished
          and leased assets, managing their portfolios and loans and making
          intercompany loans, and

     *    authorize payment of prepetition employee claims and continuation of
          prepetition employee programs, policies and plans, with the exception
          of new retention plans that were recently adopted and will be
          submitted for bankruptcy court approval and amounts due to senior
          executives under existing retention plans, other amounts payable upon
          a change of control and certain payments due to senior executives in
          May 2002.

     The FINOVA Group's press release regarding the Chapter 11 filings is filed
as Exhibit 99.A to this report.

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, FINOVA
Capital Corporation has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.


                                        FINOVA CAPITAL CORPORATION

                                        /s/ Richard Lieberman
                                        ----------------------------------------
Dated: March 13, 2001                   By: Richard Lieberman
                                            Vice President-Associate General
                                            Counsel and Acting Secretary

                                  EXHIBIT INDEX


Exhibit Number      Description
- --------------      -----------
    99.A            Press Release of The FINOVA Group Inc. dated March 7, 2001.

EX-99.A

                                                                     Exhibit 99A

                                                                          [LOGO]

Media Contact:           Mike Pascale/Rhonda Barnat
                         The Abernathy MacGregor Group
                         (212) 371-5999

                         Stuart A. Tashlik
                         The FINOVA Group Inc.
                         (480) 636-5355

All other inquiries:     Sandra Sternberg/Rivian Bell
                         The Abernathy MacGregor Group
                         (480) 636-5800 or
                         (213) 630-6550

       FINOVA Group Inc. Files Chapter 11 to Implement Debt Restructuring
                Company has $1 Billion Cash with which to Operate

SCOTTSDALE, ARIZ. - MARCH 7, 2001 - The FINOVA Group Inc. (NYSE: FNV), a
diversified financial services company, and eight of its subsidiaries, including
FINOVA Capital Corporation, today voluntarily filed to reorganize their debt
under Chapter 11 of the U.S. Bankruptcy Code. The action is part of an agreement
announced last week in which Berkshire Hathaway Inc. (NYSE:BRK.A, BRK.B) and
Leucadia National Corporation (NYSE and PCX:LUK) would provide FINOVA Capital a
$6 billion loan in connection with the restructuring of the company's
outstanding bank and publicly traded debt.

The petitions were filed in the Bankruptcy Court for the District of Delaware in
Wilmington.

Subject to Court approval, FINOVA Capital will use proceeds of the $6 billion
senior secured five-year term loan to pay down, at par value, its existing bank
and publicly traded indebtedness on a pro rata basis. Under the agreement with
Berkshire Hathaway and Leucadia, and pending Court approval, the balance of
FINOVA Capital's bank and bond indebtedness will be restructured into
approximately $5 billion of new senior notes of FINOVA.

In addition to The FINOVA Group Inc. and FINOVA Capital Corporation, the filing
entities include: FINOVA (Canada) Capital Corporation; FINOVA Capital plc;
FINOVA Loan Administration Inc.; FINOVA Mezzanine Capital Inc.; FINOVA Portfolio
Services, Inc.; FINOVA Technology Finance, Inc.; and FINOVA Finance Trust.

No other FINOVA subsidiaries are included in the filing.

                                    - more -

PAGE 2/FINOVA

The FINOVA Group Inc. and its filing subsidiaries listed assets of $12.5 billion
and liabilities of $11.4 billion, primarily in bank and publicly traded debt
securities.

According to William J. Hallinan, FINOVA's newly appointed president and chief
executive officer, "It will be business as usual at FINOVA. The company has
positive cash flow and $1 billion in cash on hand to continue funding operations
throughout the reorganization period. We will be open for business as usual and,
pending Court approval, which we anticipate later today, employees will be paid
their usual salary."

The company said that it is seeking immediate permission from the Court to
continue honoring all customer commitments, and that it has also asked Court
permission to pay its offshore vendors in the ordinary course of business. The
company has also requested Court approval to pay claims of trade creditors that
continue customary terms in the ordinary course of business.

The FINOVA Group Inc., through its principal operating subsidiary, FINOVA
Capital Corporation, is a financial services company focused on providing a
broad range of capital solutions primarily to midsize business. FINOVA is
headquartered in Scottsdale, Ariz., with business development offices throughout
the U.S. and London, U.K., and Toronto, Canada. For more information, visit the
company's website at www.FINOVA.com, or call (480) 636-5800.

This news release contains forward-looking statements such as predictions or
forecasts. FINOVA assumes no obligation to update those statements to reflect
actual results, changes in assumptions or other factors. The forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from those
projected. Those factors include FINOVA's ability to address its financing
requirements in lights of its existing debt obligations and market conditions;
pending and potential litigation related to charges to earnings; the results of
efforts to implement FINOVA's business strategy, including the ability to
complete a debt restructuring and the transaction noted above; the ability to
attract and retain key personnel and customers; conditions that adversely impact
FINOVA's borrowers and their ability to meet their obligations to FINOVA; actual
results in connection with continuing or discontinued operations; the adequacy
of FINOVA's loan loss reserves and other risks detailed in FINOVA's SEC reports,
including page 15 of FINOVA's 10-K for 1999.

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