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In cases of severe financial distress, there are legal and organizational mechanisms for resolving defaults. (a) Explain some of the mechanisms, especially Debtor in Possession.

In cases of severe financial distress, there are legal and organizational mechanisms for resolving defaults. (a) Explain some of the mechanisms, especially Debtor in Possession. (b) With multiple creditors there arise coordination problems in resolving bankruptcies. Explain this problem and illustrate it with any examples. Hint: GTB pages 192-195 including Example 8.8

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