Peter’s Tools recently defaulted on a bank loan. To avoid a bankruptcy proceeding, the bank agreed to a composition. This composition would do which one of the following?
Transfer all the equity shares in Peter’s to the lending bank
Transfer some of Peter's assets to the bank in lieu of the loan payment
Extend the due date on the missed loan payment
Forgive the loan payment in its entirety
Reduce the amount of the loan payments so Peter’s can pay on time