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The phrase "are restructuring" is correct and usable in written English.
It can be used when discussing changes or reorganizations within a company, organization, or system.
Example: "The company announced that they are restructuring their departments to improve efficiency."
Alternatives: "are reorganizing" or "are overhauling".
Dictionary
are restructuring
verb
To change the organization of.
synonyms
Exact(60)
DEVILS RESTRUCTURING The owners of the Devils are restructuring some of their bank loans to facilitate the sale of the 47 percent share of the club held by Raymond Chambers and his company, Brick City L.L.C.
"The banks are restructuring and they're recovering.
Governments are restructuring their space-oriented military and regulatory agencies.
In Thailand, a few big firms are restructuring voluntarily.
Both XO Communications and McLeodUSA are restructuring out of court.
Banks, meanwhile, are restructuring loans for diamond makers and polishers.
Instead, studios are restructuring deals to reduce levels of financial risk.
Banks also are restructuring their balance sheets to squeeze out extra capital.
Both are restructuring their operations and have had turbulence at the top.
"Companies are restructuring from an industry focus to an occupational focus," he told me.
Whether due to changes in funding or responding to other external factors, NGOs are restructuring.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com