In an out-of-court workout, which factor most commonly causes negotiations to break down between a distressed borrower and its secured lenders?
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A
Holdout creditors who refuse to accept haircuts while free-riding on concessions from others
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B
The borrower's failure to file audited financial statements
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C
Disagreement over the applicable interest rate during the forbearance period
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D
The lender's refusal to engage a financial advisor