For each statement below state whether it is TRUE or FALSE and correct the FALSE statement(s):

A) The creditors must vote to accept the Chapter 11 reorganization plan, and the bankruptcy court must approve it. If an acceptable plan is not put forth, the court may ultimately force a Chapter 7 liquidation of the firm.

B) The costs of selling assets below their value are greatest for firms with assets have competitive, liquid markets.

C)When a corporation becomes financially distressed, outside professionals, such as legal and accounting experts, consultants, appraisers, auctioneers, and others with experience selling distressed assets, are generally hired.

D) The loss of customers is likely to be large for producers of raw materials (such as sugar or aluminum), as the value of these goods, once delivered, depends on the seller's continued success.

E) In the case of Chapter 11 reorganization, creditors must often wait several years for a reorganization plan to be approved and to receive payment

F) Suppliers of financially distressed companies do not fear that they will not be paid because in the case of bankruptcy the suppliers of the distressed company are paid out of the proceeds from the liquidation of the assets