Question $23(1$ point$)$

Which one of the following describes a direct cost associated with financial distress?

a$)$ On the sale of its equipment, the company paid a $6\%$ sales commission on the proceeds.

b$)$ The CEO has been spending time renegotiating suppliers' payment terms rather than revising and updating a new strategic plan for the company.

c$)$ The bank has refused to increase the company's line of credit.

d$)$ Due to some bad publicity about the company's declining profits, the company has been losing revenues.