Question $5(1$ point$)$

Giant Noise Ltd$.($GNL$)$ started its business $10$ years ago when it sold the first issue of its newspaper. Over the past two years, its revenues have continuously declined although it still is generating positive operating cash flows. GNL has a loan for $$500,000$ coming due in the next three months and has already been in discussions with the lender about refinancing. The lender has come back with a loan offer for $$350,000$ that has a higher interest rate, is a shorter term, and requires more security.

In which one of the following stages of the business life cycle does GNL appear to be$?$

a$)$ development stage

b$)$ commercialization stage

c$)$ maturity stage

d$)$ decline stage