Silver Chef's long-running capital management crisis looks like being resolved, with the proposed sale of the company to a private equity consortium.The equipment finance company announced yesterday that it has entered into a binding scheme implementation agreement with a group of investors led by private equity firm Next Capital. If the scheme is implemented Silver Chef shareholders will be paid 70 cents a share (the share price hit a low of 49 cents last month). Shareholders will also receive a "contingent value note" giving them an opportunity to share in the potential gains from the rundown of the company's GoGetta division.Silver Chef has been operating with the support of its financiers since July last year, when it breached its loan covenants. At the time it had A$45 million drawn under its debt facility.Since then it has had an ongoing debt facility waiver, as it has looked for a way to recapitalise the business.One condition of the waiver is that originations have to be funded out of operating cashflow.Silver Chef says the waiver conditions have "progressively and significantly reduced the near-term financial outlook for the company".This, combined with a steep fall in the share price (which was at a peak of $11.20 in October 2016), made it almost impossible for the company to raise capital.Silver Chef's independent directors have unanimously recommended the scheme, subject to review by an independent expert. Ernst & Young has been commissioned to prepare an independent expert's report.The company's problems go back to its decision, early last year, to get out of its GoGetta business, which was not making an acceptable return and was also in trouble with ASIC.ASIC took the view that some of GoGetta's contracts were actually consumer lending and that the company did not have the appropriate licence. The company made a provision of around $4 million for customer remediation.Write-downs of expected returns from GoGetta and an increase in provisions tipped the company into loss in 2017/18 and the six months to December. Those write-downs also caused the company to breach its financial covenants.