As a very large oil company you have invested heavily in mineral leases but the oil price has collapsed. You have improved efficiencies but with your end-product sale price at 50% of what it was previously you are unable to pay your debts as they fall due. You employ thousands of people and have cut production and many jobs but don't want to close because you know the drop is just cyclical and will come back in in a short while.

(a) state what steps (if any) you feel you should try and take to address the situation prior to any bankruptcy filing and (b) identify which Bankruptcy Chapter seems most appropriateand explain why.