22 Suppose the net present value of all future cash flows of Tensor Corp. is $100 million if it continues to operate. Tensor has outstanding debt of $120 million that is now due. If the firm declares bankruptcy, the present value of the bankruptcy costs will equal $60 million. Instead of declaring bankruptcy, the management team proposes to exchange all of the firm's debt for shares in Tensor in a debt-to-equity restructuring. If debtholders accept the offer, the bankruptcy costs could be avoided entirely. The minimum percentage of the firm's equity that management would need to offer to creditors for them to consider the offer is % Note: Provide your answer in the format of xx%, e.g. if the answer is 12.34% type in 12 Maximum marks: 3