Tundra Transportation (TT) has a value of $500 million if it continues to operate, but has outstanding debt of $600 million. If TT declares bankruptcy, the bankruptcy costs will be $50 million, and the remaining $450 million will go to creditors. Instead of declaring bankruptcy, TT proposes to exchange its debt for a fraction of the firm’s equity in what is known as a workout. What is the minimum amount of equity TT will need to offer creditors for the workout to succeed.