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 affiliation agreement; for instance, network programming is very rarely preempted by O&Os, despite individual affiliates' rights to do so. The term "station" correctly applies to the ownership of the station. For example, a station that is owned and operated by the American Broadcasting Company (ABC) is referred to as an "ABC station" or an "ABC O&O," but normally should not be referred to as an affiliate. Likewise, a station not owned by ABC but contracted to air the network's programming is correctly referred to as an "ABC affiliate"; that is, the station is "affiliated" with ABC. However, informally or for