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There's another, simpler reason why Google would not subject itself to any meaningful restructuring: the value of its various units is directly proportional to the data that they generate – and, for now, search still provides the bulk of that data.
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In 2011, when the E.U. bailed out Greece and restructured its debt, the value of these bonds plummeted, leaving the Cypriot banks in a mess.
Investors fear that with many governments groaning under the weight of huge deficits, the debt of weaker nations that use the euro currency will have to be restructured, deeply lowering the value of their bonds.
Doing so would make sense because it could give the newspaper side of the business a bit more breathing room to restructure, while highlighting the value of broadcast operations.
S&P argues that any exchange or restructuring that diminishes the value of bonds would trigger default.
The central element of the company's restructuring lies in the value of a metals trading company called Norimet, which Norilsk bought in April in exchange for a stake in its most valuable subsidiary.
The crisis has attracted distressed debt investors, who usually buy debt at a significant discount with the view that a restructuring will increase the value of their debt, or that they could seize some assets.
But a restructuring would dilute the value of existing shareholders' equity holdings, as chip makers focus on survival at all costs, the note added.
Dunn sees potential opportunities that might arise from a share buyback by the company, but his bold prediction is that First American could undergo a restructuring to unlock the value of its other operations, such as its property information segment.
The company also took a $1.3 billion restructuring charge to reduce the value of its assets.
Research such as that on Wagner's Chronic Care Model indicates the value of restructuring the delivery of clinical care (63).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com