Shareholder-manager agency costs

The Ellison Group has determined that it will come up short by $50 million on its debt obligations at the end of this year. The business has identified a positive NPV project that will require a great deal of effort on the part of management. However, this project is expected to generate only $40 million at the end of the year. Assume that all the members of the Ellison Group's management team will lose their jobs if the company becomes insolvent at the end of the year. will managers take the positive NPV project? If it declines the project, what kind of cost will the Ellison Group incur?