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Household balance-sheets are more difficult to restructure than corporate ones, which involve far fewer people.
In a down market, though, they turn out to be almost insurmountably difficult to restructure.
Currently, it is more difficult to restructure a mortgage on a primary residence than other debts.
However, pensions analysts said the move could help struggling firms who have found it difficult to restructure expensive pension schemes.
Several years ago I wrote an article predicting that the growth of credit default swaps would make it increasingly difficult to restructure distressed companies.
"The Agricultural Bank was the most difficult to restructure because it has the highest percentage of 'policy loans' and it focuses lending to the rural poor areas….
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In a speech on Friday, Mr. Gates — who is gaining considerable clout in education circles — plans to urge the 50 state superintendents of education to take difficult steps to restructure the nation's public education budgets, which have come under severe pressure in the economic downturn.
"We have taken the difficult decision to restructure HSBC in the UK in order to reduce layers of management and bureaucracy," said Brian Robertson, chief executive of HSBC Bank.
These conditions created a very challenging environment for GM and other automakers, and led us to take further aggressive and difficult measures to restructure our business".
Paul Ballew, G.M.'s chief sales analyst, acknowledged that the industry's struggles were making it more difficult for G.M. to restructure its operations.
Some industry experts said that having union representatives on the creditors' committee could make it difficult for United to restructure properly.
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