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Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress or under Chapter 11 bankruptcy process.
The company was thrown into financial distress on 7 February 1988, when Den norske Creditbank (DnC) announced that they would not issue more credit.
Although the state of Georgia was allocated $250 million by President Roosevelt's New Deal it was not enough to entirely alleviate the financial distress of many of the state's colleges, including NGC.
The first to develop a mathematical model of this period of financial distress was J. Barkley Rosser, Jr. (Chapter 5, 1991), drawing on catastrophe theory, while a more detailed such model using agent-based modeling and relying on the wealth constraint idea due to Minsky has been done by Gallegati, Palestrini, and Rosser (2011.)