Mergers, Acquisitions, and Buyouts (Volume 3, Chapters 12-17)

First Sentence

If LossCo is insolvent (i.e., unable to timely pay its creditors) or in bankruptcy, typically some or all of LossCo's debts are modified, restructured, or satisfied in a manner that alleviates their financial burden on LossCo and involves compromises on the part of the affected creditors and possibly on the part of LossCo's shareholders.

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