Set in the backdrop of the 1997 economic crisis, the case deals with the problem faced by a leading finance company of Thailand, Phatra Thanakit. The company finds its very existence threatened under the onslaught of the crisis, and faces a number of agonizing choices. Should it become an integrated bank? Shrink its size, keeping only quality assets? Merge? Get acquired? Find a white knight? The case presents rich material for discussing such varied options, in the particular context of an economy in distress.