You're right, but nobody gets a choice - the debt holders want the business to roll on as long as possible to get their interest and principal payments and the business itself wants to fight another day. It doesn't have much opportunity to increase its margins or gross income and if it has been losing big $ while rates were low and its bad debts were claimed to be low, it is going to get hard in a credit crunch which is more than possible IMO
Ann: Zip Welcomes Industry Regulatory Reform, page-187
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