Macroeconomics 3: Booms, Busts & Us
Planet Money Summer School
00:00
How to Get Out of Bankruptcy
Roddy was millions of dollars in debt for queen city appliance to stay live. He had to convince general electric and whirlpool that they would be better off if they allowed him to keep his doors open. Every decision roddy made needed court approval. In court, there would be an actual vote where all the people he owed money would decide yes or no. If they voted yes, then roddy would actually have to make it work meet specific earnings targets.
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