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 television stations in the United States Owned-and-operated television stations in the United States In the United States, owned-and-operated television stations (frequently abbreviated as "O&Os") constitute only a portion of their parent television networks' station bodies, due to ownership limits imposed by the Federal Communications Commission (FCC). Currently, the total number of television stations owned by any company (including a television network) can only reach a maximum of 39% of the country; in the past, the ownership limit was much lower, and was determined by a specific number of television stations rather than basing the limits on total market coverage. At the dawn of the American television