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1、19878_25_c25_p864-893.qxd2/22/0610:51AMPage864CHAPTER25Bankruptcy,Reorganization,andLiquidationThusfar,wehavedealtwithissuesfacedbygrowing,successfulenterprises.However,manyfirmsencounterfinancialdifficulties,andsome,includingsuchbignamesasUnitedAirlinesandKmart,areforc
2、edintobankruptcy.Whenafirmencountersfinancialdistress,itsmanagersmusttrytowardoffthefirm’sTheThomsonNOWWebsitecontainsantotalcollapseandtherebyminimizelosses.TheabilityofafirmExcelfilethatwillguideyouthroughthetohangonduringroughtimesoftenmeansthedifferencechapter’scalc
3、ulations.ThefileforthisbetweenforcedliquidationversusrehabilitationandeventualchapterisIFM9Ch25ToolKit.xls,andsuccess.Anunderstandingofbankruptcyisalsocriticaltotheweencourageyoutoopenthefileandexecutivesofhealthyfirms,becausetheymustknowthebestfollowalongasyoureadthech
4、apter.actionstotakewhentheircustomersorsuppliersfacethethreatofbankruptcy.TODISCCOLLECTION864IMAGE:©GETTYIMAGES,INC.,PHO19878_25_c25_p864-893.qxd2/22/0610:51AMPage865BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyouwouldarealsosome250general(unsecured)cred
5、i-answerthefollowingquestions.Youshouldnottors,includingaccountspayable,accruednecessarilybeabletoanswerthequestionswagesandtaxes,andpensionplanobliga-beforeyoureadthechapter.Rather,youshouldtions.Answerthefollowingquestions.usethemtogetasenseoftheissuescoveredina.Shoul
6、dRossattempttoresolveitsprob-thechapter.Afterreadingthechapter,youshouldlemsusinginformalprocedures,orbeabletogiveatleastpartialanswerstotheshoulditfileforbankruptcy?Why?questions,andyoushouldbeabletogivebetterb.Whatarethetwokeychaptersintheanswersafterthechapterhasbeen
7、discussedinbankruptcycode,andwhatisthepri-class.Note,too,thatitisoftenuseful,whenmaryeffectofeachone?answeringconceptualquestions,tousehypothet-c.Whoismorelikelytoinitiateformalicaldatatoillustrateyouranswer.(Thereisnobankruptcyproceedings—thecompanymodelfortheseBeginni
8、ng-of-Chapterquestions.)oritscreditors?Whatexactlywouldbefiledtostartthebankruptcyprocess?1.Isbankruptcyafairl
