Any company that had borrowed loans in foreign currency and failed to protect them by hedging now found that its indebtedness more than doubled. As foreign loans had been available at much lower rates than baht loans over the previous five years, most companies had acquired some foreign debt. Many companies were technically bankrupt. As the creditors also demanded quick repayment, many became illiquid too And as the shock sent the whole economy into a nosedive, business revenue and profits also declined away.