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Already in Britain, firms have been using American-style debt restructurings to avoid closing.
Similarly, management buyouts are often associated with major restructurings to make companies leaner and more profitable.
And after going through drastic restructurings to reduce overcapacity in the United States, the companies are loath to build new factories.
Historically, this activity has been encouraged by the very low prices set by the state's forestry commission, Forests NSW, and since the 1990s has been the regulated by a series of regional agreements and restructurings to place the industry on a sustainable footing.
Several companies, trying to lighten their debt burdens, have already force-fed restructurings to their bondholders in which the investors either had to forsake some of what was owed or accept worse consequences.
Furthermore, it underscored that the texts "needs... some restructurings to be in accordance with the Bali Action Plan".
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Rip Rapson, president and chief executive of the Kresge Foundation, called it a "rebirthing" of Detroit, and Toni L. Griffin, an urban planner based in New York who has been a leading consultant on Detroit's long-range plan, portrayed it as a "super-restructuring" to improve the quality of life.
The latter argue that oversupply of corporate assets due to multiple portfolio restructurings leads to an industry-wide value reduction, and thus a magnification of the crisis.
ALTHOUGH Philips seems to have become a model for Japanese rivals because of its readiness to quit unprofitable businesses, the company's restructurings seem to be as endless as the staircases and waterfalls in the works of Escher, another famous Dutch name.
Europe has close to 18 million unemployed, with many more mergers and restructurings yet to come.
Our members in the canteen have experienced a series of restructurings, leading to several redundancies and a total of three different employers in the space of less than 12 months.
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