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The model is described via the firm value \\(X\\) under a strategy \\(\\alpha=(Z_t,(\\tau_n,k_n)_{n\\geq 0}),~k_n\\in \\{1,\\dots,N\\}, \\tau_n\\) stopping times: NEWLINE\\[NEWLINEdX_t= bX_tdt-r_{I_t}D_{I_t}dt+\\sigma X_tdW_t-dZ_t+dK_t,\\quad X_0=x,~I_{0-}=i,NEWLINE\\]NEWLINE where \\(I_t=\\sum_{n\\geq 0}k_n\\mathbf{1}_{\\tau_n\\leq t<\\tau_{n+1}},\\) ~\\(r\\) and \\(D\\) are increasing taking their values in finite sets (rate and debt level) and \\(K_t\\) represents the cash flow due to the switching strategy \\(K_t=\\sum_{n\\geq 0}(D_{k_{n+1}}-D_{k_n}-g)\\mathbf{1}_{ \\tau_{n+1}\\leq t},\\) meaning divestment/investment strategy.NEWLINENEWLINEAssociated to the strategy \\(\\alpha\\) there is a bankruptcy time \\(T^\\alpha=\\inf\\{t\\geq 0: X^{x,i,\\alpha}\\leq D_{I_t}\\}.\\) Then the problem is to optimize the managers' value function \\(v_i(x)=\\max_{\\alpha}E_{i,x}[\\int_0^{{T^\\alpha}^-}e^{-\\rho t}dZ_t-Pe^{-\\rho T^\\alpha}]\\), where \\(P\\) is the failure cost and \\(\\rho\\) a discount rate.NEWLINENEWLINEThe method to solve the problem uses a system of variational inequalities, partial differential equations and their viscosity solutions.NEWLINENEWLINEThus, the value functions are characterized as viscosity solutions of the system of variational inequalities, and the existence of optimal strategies is proved, linked to switching regions but not in closed form. Anyway, in case of constant firm's debt \\((N=1)\\) the value function is explicitly given. Finally, in case \\(N=2\\) (meaning the two-regime case), the problem is completely solved: value function and optimal strategy are provided. 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