Political dogfights will make the restructuring process harder.
For one thing, it happened at a time when inflation was historically low, which made the restructuring of troubled companies with high levels of debt that much harder.
"I just don't think the political process has enough intestinal fortitude to make the restructuring changes they have to do in the short amount of time they have".
The delays threaten to make the restructuring even more onerous for shareholders because it calls for raising 250 million euros ($301 million) through a rights offering, for which the Disney parent is committed to putting up 100 million euros.
Mr. McGreevey had made the restructuring a centerpiece of his administration, saying New Jersey needed a top-flight system of medical schools and scientific research centers to remain economically competitive.
Loans to large companies such as Parmalat, a dairy group that went spectacularly bust in 2003, and Fiat, a struggling carmaker, are not priced on an economic basis, says Alessandro Roccati, of Fox-Pitt, Kelton, an investment bank; a foreign buyer would surely reprice them, making the companies' restructuring harder than it already is.
We would certainly be open to that idea -- assuming Tim can persuade us that he is tough enough to quickly and efficiently make the big restructuring moves (and cuts) that the combination would require.
The behavioural components have been emphasized, as the symptom of muteness and the young age of onset of SM make the cognitive restructuring less feasible.
Patrick H. Wood III, chairman of FERC, and other Washington supporters of competition acknowledge that serious mistakes have been made since the restructuring began.
It said a "supplementary adjustment" would have to be made to the restructuring plan to bring the total number to 7,500.
