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The restructuring left many local utility companies, such as Pepco and Baltimore Gas & Electric, without their own power plants and many power plant owners without their own local distribution companies.
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Local intransigence has held up investment and economic restructuring, leaving GDP per head at less than half its 1990 level.
The restructuring will leave it with three note-printing operations in the UK, Kenya and Sri Lanka.
The restructuring will leave Rhapsody with a nice nest egg: Real Networks provided $18 million in cash, in addition to content licenses and other assets in exchange for stock while MTV/Viacom promised $33 million in free advertising for its share.
The restructuring leaves Dubai World with $14.4 billion in debt divided into a portion of $4.4 billion maturing in five years, and a portion of $10 billion maturing in eight years — the latter covered by a so-called shortfall guarantee if the company cannot meet its payments.
(Mr. Millstein, a former top executive of Lazard's restructuring business, left Treasury in February).
The combination of rapid growth and extensive internal restructuring has left many companies with plenty of cash in their pockets.
Most recently, Jarvis was kept afloat by a restructuring that left shareholders with less than 5% of the company and gave creditors - who are owed £350m - majority control.
Chairman Norman Murray said today that he believes that last year's restructuring has left the company in a better position to benefit from the billions of barrels of oil that Cairn India is targeting in Rajasthan, while also carrying out exploration through Capricorn.
"The nitty-gritty of restructuring was left to the local GM.
Jones is now reaping the benefits of a cost-reduction program implemented in 2001, when the recession and restructuring charges left it in the red.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com