c. What informal remedies are available to firms in financial distress? In answering this question, define the following terms:

(1) Workout

(2) Restructuring

(3) Extension

(4) Composition

(5) Assignment

(6) Assignee (trustee)

d. Briefly describe U.S. bankruptcy law, including the following terms:

(1) Chapter 11

(2) Chapter 7

(3) Trustee

(4) Voluntary bankruptcy

(5) Involuntary bankruptcy