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 Both of these channels have some regional stations, all of which are owned and operated by NHK. In the Philippines, networks such as ABS-CBN, GMA Network, and TV5 own and operate almost all of their local television stations, although a few affiliates also exist. As regional stations mostly rebroadcast/relay programmes from their parent network's flagship station (usually based in Metro Manila), the terms "network", "station" and "channel" can in practice be used interchangeably to refer to either one. In addition, networks are often informally referred to by their flagship stations' broadcast channel numbers; for example, ABS-CBN is referred to as