Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Owned-and-operated station are examples of transactions involving O&Os: Owned-and-operated station In the broadcasting industry, an owned-and-operated station (frequently abbreviated as O&O) usually refers to a television or radio station that is owned by the network with which it is associated. This distinguishes such a station from an affiliate, which is independently owned and carries network programming by contract. The concept of an O&O is clearly defined in the United States and Canada (and to some extent, several other countries such as the United Kingdom, Australia, Brazil, Argentina, Chile and Japan), where network-owned stations had historically been the exception rather than the rule.