NTL, a British cable company that is based in New York, said it had hired Credit Suisse First Boston, J. P. Morgan Chase and Morgan Stanley to advise it on a restructuring of its balance sheet.
While it may be interesting to dwell upon the various efforts needed, let's focus just on just one aspect, the restructuring of General Motors' balance sheet.
The history of banking crises is full of such successful examples of restructuring of bank balance sheets and dealing with excessive public and private debt at the national level.
The French bank also said it had completed the restructuring of its balance-sheet in order to meet capital requirements under the new Basel 3 rules.France and Belgium injected another combined €5.5 billion ($7 billion) into Dexia, a stricken bank that is still losing money despite a bail-out in 2008.
Pouring public money down the tunnel "is prohibited by international treaty and legislation," insists a spokesman for Britain's Department of Transport.Mr Shirrefs has not been specific about what he wants, other than a radical restructuring of Eurotunnel's balance sheet, which could involve state assistance or guarantees.
The deal is contingent upon a complete restructuring of XO's balance sheet, which has been rapidly deteriorating along with investor confidence.
There is talk of restructuring bank balance sheets to assure that debt is automatically converted to equity just when equity seems to be worth little, but that is unlikely to happen unless regulators force it, and it is far from clear what price investors would demand.
Is there a way of restructuring the balance sheet?
John Lawson at Investec kept his sell rating, saying: The banks have amended the covenants to avoid a breach, but it is intended that a restructuring of the group's balance sheet will take place prior to end-2012.
A chief restructuring officer "is a person who has primary responsibility for the restructuring of the company's balance sheet," says Peter Cheston, senior managing director for Alvarez & Marsal, a New York turnaround firm.
