Peters tools recently defaulted on bank loan

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Reference no: EM131590467

Peter’s Tools recently defaulted on a bank loan. To avoid a bankruptcy proceeding, the bank agreed to a composition. This composition would do which one of the following?

Transfer all the equity shares in Peter’s to the lending bank

Transfer some of Peter's assets to the bank in lieu of the loan payment

Extend the due date on the missed loan payment

Forgive the loan payment in its entirety

Reduce the amount of the loan payments so Peter’s can pay on time

Reference no: EM131590467

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