Suppose Tefco Corp. has a value of $$154$ million if it continues to operate, but has outstanding debt of $$176$ million that

is now due. If the firm declares bankruptcy, bankruptcy costs will equal $$21$ million, and the remaining $$133$ million will

go to creditors. Instead of declaring bankruptcy, management proposes to exchange the firm's debt for a fraction of its

equity in a workout. What is the minimum fraction of the firm's equity that management would need to offer to creditors

for the workout to be successful?

Tefco could offer its creditors $\%$ of the firm in a workout. $($Round to one decimal place.$)$