"Both the operating-related and VEBA-related agreements would be conditioned on, among other things, Ford pursuing restructuring actions with other stakeholders, including meaningful debt reduction over time," the company said.
Charter is one of a growing number of companies pursuing what restructuring experts call a "prearranged bankruptcy," in which a debtor reaches an agreement with some of its creditors over a reorganization plan before it files for bankruptcy.
Chapter 11 bankruptcy is a legal remedy that a distressed business can pursue to restructure its debts in the hopes of saving itself.
Wages fell in the third quarter and pressure for Japanese companies to pursue more restructuring is rising.
If debtholders reject the offer, OPTI said it would pursue a restructuring plan laid out in its bankruptcy filing.
North Korea, says Aidan Foster-Carter, an expert at Leeds University, reserves the right to pursue economic restructuring without political openness perestroika without the glasnost.
Even if they do not, which would push the company into bankruptcy, he said he expected the company to pursue its restructuring.
"The contract terms significantly improve Ford's competitiveness and provide the flexibility for the company to continue to pursue its restructuring efforts," Ford's chief executive, Alan R. Mulally, said on a conference call with reporters and analysts Thursday.
"Accordingly, the monitor is of the view that the applicant should be allowed a period of time to further pursue its restructuring efforts and to commence a process for identifying an alternate equity investor or source of postemergence financing," Ernst & Young said in its report.
In addition, McDonald's said it wouldn't pursue any restructuring of its domestic real-estate portfolio.
