Suppose Tefco Corp. has a value of $104 million if it continues tooperate, but has outstanding debt of $139 million that is now due. If the firm declaresbankruptcy, bankruptcy costs will equal $30million, and the remaining $74 million will go to creditors. Instead of declaringbankruptcy, management proposes to exchange thefirm's debt for a fraction of its equity in a workout. What is the minimum fraction of thefirm's equity that management would need to offer to creditors for the workout to besuccessful?

Tefco could offer its creditors .................% of the firm in a workout. (Round to one decimalplace.)