The Greek economy has shrunk further than any other in Europe, with bailout money only released on condition that the government imposes cuts and implements restructuring.
The practice is proven by human psychology, and it's easy to implement without restructuring the entire business.
If a sovereign issuer finds it necessary to seek a restructuring of its bond indebtedness, it must therefore implement the restructuring by offering to exchange its old bonds for new debt instruments that reflect the new financial terms; a technique that inevitably risks leaving behind "holdout" creditors who may refuse to accept the proposed restructuring.
"Assuming all stages of the restructuring are implemented in full, it puts the group on a secure financial footing, with a sustainable debt level and an ability to implement a restructuring of the business".
"When the company finally comes to the table [to implement a restructuring], the level of financial distress is likely to be more severe and there will be less time to implement a successful restructuring," says Mr Field.
"A new growth strategy is needed, and we must implement a restructuring to that end," Naoyuki Akikusa, Fujitsu's president, said at a news conference.
Mercedes are to implement a restructuring plan that will see Toto Wolff and Paddy Lowe in charge as executive director (business) and executive director (technical) respectively.
"A Chapter 11 filing may ultimately be the means to implement any restructuring proposal agreed to with our creditors," NRG's chief operating officer, Richard Kelly, said in a statement, adding that it had no immediate plans for such a move.
EVP of Corporate Relations and Responsibility Esko Aho was mandated to develop a "Nokia way" to implement the restructuring that would reflect the company's values and allow them to maintain morale and commitment among the employees who would eventually lose their jobs.
