Gibbs moved up to president and led a capital restructuring.
If more domestic industries, including finance and real estate, can draw on foreign restructuring capital, general dynamism is again possible.
But the cumulative effect has been a remarkable restructuring of capital markets.
Banks have been forced to undertake drastic restructuring in return for capital injection.
And, by encouraging a single European capital market, it may speed up corporate restructuring.
It will be important, therefore, to achieve full and credible recognition of loan losses, to ensure that capital injections are accompanied by strong commitments to restructuring, and to promote the resolution of problem loans through liquidations or workouts.
The reason is that American companies made hard choices about restructuring and prudent decisons about where to invest capital.
That forced a recent financial restructuring, under which 3i, a venture-capital company, is expanding its stake in the firm from 20% to 49%.
Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisers, said the report shows that Best Buy's restructuring is beginning to pay off.
The two loss-making banks, among several others, were forced to submit restructuring plans to the government by the poor level of their capital-adequacy ratios.
Along with five others, they had been forced to draw up restructuring plans after falling short of the 8% ratio of capital to risk-weighted assets that is considered the acceptable minimum by international financial regulators (by more than six percentage points in the case of Commercial Bank of Korea).
The next year the bond market roared back to life with a boost from the Federal Reserve, which allowed firms marred by bad capital structures to refinance billions in debt maturing by 2014 that was otherwise facing restructuring.
The first priority for these restructuring candidates will be to satisfy minimum solvency requirements, but tapping new sources of capital will strain their capabilities.
On Tuesday, OAO Severstal went in for the kill, boasting a "highly credible restructuring plan designed to derive maximum value from Esmark, including a five-year capital improvement plan that carries the full support of the United Steelworkers, " the Russian company said.
But five head office roles were lost in the restructuring of the company, which was set up in 1991 and is part of nationwide group Cullum Capital Ventures.
Indeed, the restructuring of the chaebol has slowed down recently, partly because their autocratic chairmen cannot raise much more capital on the booming stockmarket without endangering the control of their empires, which they are loth to do.
Facing growing competition and shorter-term performance pressures from shareholders, managers resorted to waves of restructuring, personnel reductions, and relocation to lower-cost regions, while leveraging balance sheets to return capital to investors.
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