When Faced with Financial Distress, Managers of Firms Acting on Behalf

When faced with financial distress, managers of firms acting on behalf of their shareholders' interests will tend to

A) issue large quantities of low-quality debt versus low quantities of high-quality debt.
B) favor paying high dividends to shareholders.
C) delay the onset of bankruptcy as long as they can.
D) issue large quantities of low-quality debt versus low quantities of high-quality debt, favor paying high dividends to shareholders, and delay the onset of bankruptcy as long as they can.