Primary source and timing of repayment Loans are repaid from cash flows. Four basic sources of cash flows: Liquidation of assets Cash flow from normal operations ■New debt issues ■New equity issues 麓行黄事大考Primary source and timing of Primary source and timing of repayment repayment † Loans are repaid from cash flows. † Four basic sources of cash flows: „ Liquidation of assets „ Cash flow from normal operations „ New debt issues „ New equity issues