And the country's debt-ridden companies should on the whole be selling equity, not buying it.Banks are also raising their stakes in their most troubled borrowers, via debt-for-equity swaps, in return for tepid restructuring schemes.
If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a "bail-in" arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.
Companies will earn tax breaks and have some of their debt to the state forgiven in return for yet more restructuring.
But, seemingly, no high-ups among the gunmen themselves.Poland's cabinet endorsed a plan by its new finance minister, Grzegorz Kolodko, to write off arrears owed by ailing companies to the state, in return for a 15% "restructuring payment".
Olswang also said the pensions regulator and the pensions protection fund were potentially seeking an equity stake in BHS in return for agreeing to a restructuring of the pension scheme called Project Thor, which the law firm described as expensive.
The IMF is demanding a "haircut" – debt relief – or at the very least a debt restructuring in return for its participation.
[A1.] Real Media Dismisses Executive Real Media, a New York-based Internet advertising sales and technology company, replaced its chief executive and laid off 10percentt of its work force after a major investor objected to the company's recent performance and ordered a restructuring in return for any additional financing, company officials said.
In 1999, Aoki had ¥205 billion of interest-bearing debt waived by banks, in return for setting up a 20-year restructuring plan.
In return for the rescue package, Greece had to restructure its finances, cut public sector pensions and pay, and impose new taxes.
