re·struc·tur·ing /ˌrē-'strək-chə-riŋ/ n: the act or process of changing the structure of something (as a corporation or its ownership of securities)

Merriam-Webster’s Dictionary of Law. . 1996.

index reorganization

Burton's Legal Thesaurus. . 2006

England, Wales
The process whereby a company in financial difficulties and its creditors agree to reorganise the liabilities of the company so that the business of the company can survive. A restructuring is usually implemented by way of contract between the company and its creditors. However, the terms of the restructuring may involve a statutory procedure such as administration. A restructuring can involve implementing cost cutting measures agreed with the creditors such as the closing of unprofitable businesses and often involves a refinancing of a company's existing debts. A restructuring is sometimes also known as a work out or a turnaround.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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