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Bankruptcy to resolve financial distress

Question:

What are the advantages and disadvantages of a voluntary workout to resolve financial distress? What are the advantages and disadvantages of declaring bankruptcy to resolve financial distress?

Smart, S., Megginson, W., Gitman, L. (2007). Corporate Finance , Thompson South-Western. Chapter 24-25, pages 870-922

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Finance Basics: Bankruptcy to resolve financial distress

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Finance Basics: Bankruptcy to resolve financial distress

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