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 urban centres); the few affiliates are located in smaller regional markets like Lloydminster and Thunder Bay. CBC Television, with its role as the publicly funded broadcaster, has at least one O&O in every single province, as well as CBC North serving the three territories as well as northern Quebec. While the majority of Canadians are served by CBC owned-and-operated stations, the CBC also has some privately owned affiliates, though the number has decreased over the years, particularly since the early 2000s. As of January 2017, no private CBC affiliates remain (the last such station disaffiliated in September 2016), and stations