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The following quote refers to the problems of Campeau Corporation, a Canadian-based retail empire that later declared bankruptcy. At the time, Campeau's department store chains included Bloomingdale's, Rich's, Burdines, Abraham & Strauss, and Lazarus.
Campeau Corp.'s announcement Friday that its bankers believe it has technically defaulted on $2.34 billion in debt probably will freeze new spring shipments, apparel makers say. Citibank, leader of the bank syndicate providing much of Campeau's debt financing, informed Campeau by letter last week that Campeau had violated certain covenants on debt and unless Campeau can remedy the default by December 31, Citibank stated it may demand full repayment of the loans.
REQUIRED:
a. What is a "technical default," and how did Citibank react to it?
b. Explain why apparel makers might "freeze new shipments" and why this presented great problems for the Campeau organization.
Under MACRS, an asset which originally expenses $10,000 is being depreciated using a five year normal recovery period. Determine the depreciation expense in year 3?
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Based on your experiences and readings, how does Hofstede's model help a marketer plan a global market entry?
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Assume that COGS is always 70% of Sales, Interest Expense is always 10% of the previous years long term debt, Depreciation is always 20% of the previous years Net Fixed Assets, and taxes are always 40% of EBT.
What other examples can you find? How do such systems actually incorporate hypothesis testing?
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The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. If the machine costs $60,000, what is the project's NPV?
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