CORPORATE RESTRUCTURING

Corporate restructuring involves the significant reorganization of a company’s operations, structure, or ownership to
increase its efficiency, adapt to changing markets, improve profitability, or better align with its strategic goals.

Objectives of Corporate Restructuring

1. Improving Efficiency: Streamlining operations and reducing costs.

2. Enhancing Competitiveness: Adapting to market changes and
leveraging synergies.
3. Focusing on Core Activities: Divesting non-core assets to concentrate
on primary business areas.
4. Financial Health: Reducing debt, improving cash flow, and enhancing
profitability.
5. Regulatory Compliance: Meeting new regulations and compliance
requirements.
6. Preparing for Sale or Merger: Making the company more attractive to
potential buyers or merger partners.
Techniques Of Restructuring
Techniques of Restructuring
Expansion Methods : Change in Ownership Methods
1.Merger: The combination of two companies to form a new entity. 1.Exchange Offer: Offering shareholders the option to exchange their
2.Takeover: One company acquiring control of another, typically by shares for a different class of securities, often as part of a
purchasing a majority stake. restructuring.
3.Joint Venture: A partnership where two or more companies 2.Leveraged Buyout (LBO): Acquisition of a company using a
create a new entity to undertake a specific business project. significant amount of borrowed money, with the assets of the
4.Franchising: A business model where a company (franchisor) acquired company often used as collateral.
grants others (franchisees) the rights to operate using its brand and 3.Management Buyout (MBO): The company's management team
business system. purchases the business, gaining full control.
5.Alliance: A strategic partnership between companies to 4.Going Private: The process of converting a publicly traded company
collaborate on specific objectives while remaining independent into a privately held one by buying back all outstanding shares.
entities.
Corporate Control Method
Disinvestment Methods •Buyback of Shares: A company repurchases its own shares from the
1.Sell-Off: Selling a subsidiary, division, or asset to another company marketplace, reducing the number of outstanding shares to consolidate
ownership and increase the value of remaining shares.
or investor.
2.Spin-Off: Creating an independent company by distributing shares
of a subsidiary to the parent company’s shareholders.
3.Equity Carve-Out: Selling a minority stake of a subsidiary through
an initial public offering (IPO) while retaining majority ownership.
4.Slump Sale: Selling an entire business unit or division as a going
concern for a lump sum.
5.Liquidation: Selling all assets of a company or subsidiary, often to
pay off debts, leading to its closure.

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Types of Restructuring
Portfolio Restructuring
1.Portfolio Optimization: Reviewing and adjusting the mix of
businesses, products, or services to focus on core strengths and divest
non-core assets.
2.Business Unit Divestiture: Selling off subsidiaries or business units
that no longer fit the company's strategic objectives to streamline
operations and unlock value.
3.Product Line Rationalization: Eliminating or consolidating product
lines to streamline operations, reduce complexity, and improve focus
on high-performing products.
Organizational Restructuring
1.Hierarchy Streamlining: Reducing layers of management and flattening
the organizational structure to improve communication, decision-making,
and agility.
2.Functional Integration: Integrating departments or functions to eliminate
duplication, improve coordination, and enhance efficiency.
3.Cultural Transformation: Implementing changes to the company's culture,
values, and norms to foster innovation, collaboration, and adaptability in
response to market dynamics.

Financial Restructuring

1.Debt Restructuring: Renegotiating debt agreements to modify

terms such as interest rates, repayment schedules, or principal
amounts to improve liquidity and avoid default.
2.Equity Restructuring: Issuing new shares, buying back shares, or
converting debt into equity to optimize the company's capital
structure and improve financial health.
3.Cost Reduction Initiatives: Implementing measures to reduce
expenses, such as layoffs, asset sales, or operational efficiency
improvements, to enhance profitability and cash flow.

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 Debt Restructuring CDR & SDR :
The Corporate Debt Restructuring (CDR) mechanism and the Strategic Debt Restructuring (SDR) scheme are
both debt restructuring initiatives introduced by the Reserve Bank of India (RBI) to assist financially distressed
companies.
Corporate Debt Restructuring (CDR): Strategic Debt Restructuring (SDR):
1.Objective: CDR aims to facilitate the restructuring of existing debt 1.Objective: SDR is aimed at addressing cases where the financial health of a
obligations of financially distressed companies to make their debt company is severely impacted, and restructuring under normal CDR mechanisms
sustainable and manageable. is not feasible. It allows lenders to convert their debt into equity and take control
2.Mechanism: CDR is a voluntary mechanism where financially of the distressed company.
distressed companies approach the CDR Cell with a proposal for debt 2.Mechanism: SDR allows lenders to invoke the scheme by converting a portion of
restructuring. The restructuring plan is negotiated among lenders their debt into equity shares of the distressed company. This conversion is aimed
and the company, and once approved, it is implemented. at facilitating a change in management and revitalizing the company's operations.
3.Scope: CDR covers a wide range of restructuring options, including 3.Scope: SDR focuses on addressing cases of deep financial distress where
modifying interest rates, extending repayment periods, and conventional debt restructuring measures may not be sufficient. It involves a
converting debt into equity. significant change in ownership and management of the company.
4.Applicability: CDR is available to companies facing financial 4.Applicability: SDR is applicable in cases where lenders believe that a change in
distress due to operational challenges, market conditions, or other management and ownership is necessary to revive the company's operations and
factors affecting their ability to service debt. ensure long-term viability.

Key Differences:
1.Objective: CDR focuses on restructuring debt to make it sustainable, while SDR aims
at facilitating a change in management and ownership to revitalize the company.
2.Mechanism: CDR involves negotiating and implementing a restructuring plan, while
SDR allows lenders to convert debt into equity and take control of the distressed
company.
3.Scope: CDR covers a broader range of restructuring options, while SDR is specifically
designed for cases of deep financial distress requiring significant intervention.
Scheme for Sustainable Structuring of Stressed Assets (S4A)
The S4A scheme allows for the sustainable restructuring of stressed assets by segregating the sustainable portion
of the debt from the unsustainable portion. It aims to provide a resolution framework that balances the interests
of all stakeholders involved. It introduced by RBI in 2016.

Features: Objectives :
1.Debt Sustainability: The primary objective of S4A is to
1.Segregation of Debt: Under the S4A scheme, stressed company's make the debt of stressed companies sustainable by
debt is segregated into sustainable and unsustainable portions based segregating the viable assets from the non-viable ones.
on an assessment of cash flow projections and asset viability. 2.Promote Revival: By facilitating the revival and
2.Eligible when total loan exceeds 500 Cr & Sustainable debt should not rehabilitation of stressed companies, S4A aims to preserve
be less than 50%. the value of assets and protect the interests of
3.Conversion of Unsustainable Debt: The unsustainable portion of the stakeholders.
debt is converted into equity or equity-like instruments, such as
optionally convertible debentures, to align the interests of lenders and
the company.
4.Sale of stake: Bank can sell this stake to new owner who can manage
business with more manageable debt.
5.Sustainable Debt: The sustainable portion of the debt continues to
be serviced by the company as per the revised terms and conditions
agreed upon under the scheme.
6.Bank & lender will formulate resolution plan & implement that plan.
7.RBI constituted advisory body called overseeing committee to which
will review the resolution plan.

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Need for Debt Restructuring
Debt restructuring is essential for addressing financial distress and
ensuring the long-term viability of companies.
Key reasons include:

1.Preventing Default and Bankruptcy:

1. Avoids default and legal consequences.
2. Prevents bankruptcy, allowing operational continuity.
2.Improving Cash Flow and Liquidity:
1. Extends repayment periods and reduces interest rates.
2. Enhances cash flow for operational expenses and investments.
3.Stabilizing Financial Health:
1. Strengthens the balance sheet by reducing debt levels.
2. Ensures sustainable debt management.
4.Preserving Value and Assets:
1. Protects asset value, preventing distress sales or liquidation.
2. Maintains stakeholder confidence.
5.Facilitating Corporate Revitalization and Growth:
1. Enables business recovery and growth.
2. Allows strategic realignment and focus on core competencies.
6.Economic Stability:
1. Reduces systemic risk in the financial system.
2. Supports economic stability and growth.

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Corporate Financial Distress
Corporate financial distress occurs when a company faces significant Causes of Corporate Financial Distress:
financial challenges that impair its ability to meet its obligations, such as 1.Poor Management Decisions: Ineffective leadership, strategic
paying debts, funding operations, or investing in growth. This distress can missteps, or failure to adapt to market changes.
arise from various factors and, if not addressed, can lead to more severe 2.Economic Downturns: Recessions, market volatility, or economic
consequences such as insolvency or bankruptcy.
crises that impact revenue and profitability.
Key Characteristics of Corporate Financial Distress: 3.High Operational Costs: Uncontrolled expenses or cost structures
that erode profit margins.
1.Cash Flow Problems: The company struggles to generate 4.Industry-Specific Issues: Sector-specific challenges such as
sufficient cash flow to cover operational expenses, debt technological disruptions, regulatory changes, or declining demand.
repayments, and other financial commitments. 5.Excessive Debt: Over-leveraging and high interest burdens that
2.High Debt Levels: Excessive leverage and mounting debt strain financial resources.
obligations that the company cannot service adequately. 6.External Shocks: Events such as natural disasters, geopolitical
3.Declining Revenues and Profits: A significant drop in sales, tensions, or pandemics that disrupt business operations.
revenues, or profit margins, often due to competitive
pressures, market downturns, or operational inefficiencies.
4.Liquidity Issues: Inadequate liquidity, making it difficult for
the company to access funds needed for day-to-day
operations or emergency expenses.
5.Credit Downgrades: Lower credit ratings from rating
agencies, reflecting increased risk and higher borrowing costs.
6.Operational Inefficiencies: Inefficiencies or disruptions in
production, supply chain, or management that exacerbate
financial problems.

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Consequences of Corporate
Financial Distress:
1.Increased Borrowing Costs: Higher interest
rates and more restrictive borrowing terms.
2.Asset Liquidation: Selling off assets at
unfavourable prices to raise cash.
3.Loss of Stakeholder Confidence: Erosion of
trust among investors, creditors, employees,
and customers.
4.Operational Disruptions: Potential layoffs,
production halts, and reduced service levels.
5.Bankruptcy or Insolvency: In severe cases,
leading to legal proceedings and potential
closure of the business.
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Addressing Corporate Financial Distress:
1.Restructuring: Implementing financial restructuring plans, such as
debt restructuring or equity infusion.
2.Cost Reduction: Streamlining operations, reducing overhead, and
implementing cost-saving measures.
3.Strategic Realignment: Refocusing on core competencies,
divesting non-core assets, and exploring new business opportunities.
4.Improving Cash Flow: Enhancing revenue streams, managing
working capital more efficiently, and improving collection processes.
5.Management Changes: Bringing in new leadership or
management teams with expertise in turnaround situations.
 Bankruptcy is a legal process that occurs when an individual or business cannot repay their outstanding debts. It
provides a structured mechanism for debtors to address their financial difficulties, either through the liquidation of
assets to pay off creditors or by reorganizing their debts to enable repayment over time.
Condition to declare Bankrupt :

•Inability to Pay Debts: The primary condition is that the individual or

business must be unable to pay their debts as they come due.
•Proof of Insolvency: This can be demonstrated through financial
statements, bank accounts, unpaid bills, and creditor communications.

Causes of Bankruptcy
1. Excessive Debt: Inability to manage and repay accumulated debts.
2. Economic Downturns: Revenue loss due to economic recessions or
market crises.
3. Poor Financial Management: Ineffective budgeting and financial
planning.
4. Operational Failures: Inefficiencies and disruptions in business
operations.
5. High Operational Costs: Uncontrolled expenses outpacing income.
6. Declining Sales: Significant drop in sales and revenue.

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 PYQs

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Q.1 Why there is a need for scheme for sustainable structuring of Stressed Assets (S4A Scheme) and
what are the pros of S4A Scheme?
The Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme) was introduced by the Reserve Bank of India (RBI) in June 2016 to address
the growing issue of non-performing assets (NPAs) in the banking sector.

The need for the S4A Scheme arises from several critical factors:
1.High Levels of NPAs: Indian banks were burdened with a significant amount of stressed assets, adversely affecting their financial health and
lending capacity.
2.Revival of Stressed Assets: Many companies with high debt levels were financially distressed, needing a structured approach to regain viability.
3.Economic Stability: High NPAs threatened the stability of the financial system and economic growth, necessitating effective resolution
mechanisms.
4.Asset Preservation: Preventing the value erosion of assets due to financial distress, thereby ensuring better recovery for banks.
5.Boosting Investor Confidence: Restoring the health of the banking sector to maintain and attract investor confidence in the financial markets.
Pros of the S4A Scheme
The S4A Scheme offers several benefits to both the banking sector and the overall economy:
1.Debt Restructuring: Provides a structured approach to bifurcate a company’s debt into sustainable and unsustainable portions, facilitating
manageable repayment plans.
2.Operational Continuity: Allows companies to continue operations by restructuring their debt, rather than facing liquidation or other extreme
measures.
3.Financial Discipline: Encourages better financial discipline among borrowers by ensuring that only viable projects receive restructuring support.
4.Credit Enhancement: Helps banks clean up their balance sheets by converting unsustainable debt into equity, which can improve their capital
adequacy ratios.
5.Reduction in NPAs: Aids in the reduction of non-performing assets in the banking sector, improving overall financial stability.
6.Investor Confidence: Enhances investor confidence in the financial system by demonstrating proactive measures to address financial distress.
7.Economic Growth: Supports economic growth by reviving distressed companies, thereby preserving jobs, production capacity, and market
stability.
8.Transparency: Introduces transparency and standardization in the process of debt restructuring, reducing ambiguities and promoting fairness.

The S4A Scheme is essential for addressing the challenges posed by high levels of stressed assets in the banking sector. By providing a structured
and sustainable approach to debt restructuring, the scheme helps maintain financial stability, supports the revival of distressed companies, and
promotes economic growth. Its benefits include improved financial discipline, reduced NPAs, and enhanced investor confidence, making it a crucial
tool in managing financial distress in India's banking sector.
Q.2 Evaluate the bankruptcy process of Individuals and Partnership firms.
The bankruptcy process for individuals and partnership firms in India is governed by the Insolvency and Bankruptcy Code (IBC), 2016. This
process is managed through the Debt Recovery Tribunal (DRT) and aims to provide a time-bound resolution to financial distress, offering
relief to debtors while ensuring fair treatment of creditors.
Key Steps in the Bankruptcy Process
1.Initiation:
1. Filing: The bankruptcy process can be initiated by the debtor or the creditors by filing an application with the DRT.
2. Admission: The DRT examines the application and, if found complete and in order, admits it, officially starting the bankruptcy process.
2.Interim Moratorium:
1. Moratorium Period: Once the application is admitted, an interim moratorium is imposed, halting all legal proceedings, enforcement actions, and
recovery measures against the debtor.
3.Appointment of Resolution Professional (RP):
1. Role of RP: An RP is appointed to oversee the bankruptcy process, manage the debtor’s estate, and protect the interests of creditors.
4.Public Announcement:
1. Notification: A public announcement is made to inform all creditors about the initiation of the bankruptcy process and to invite claims.
5.Verification of Claims:
1. Creditor Claims: Creditors submit their claims to the RP, who verifies and validates them.
6.Preparation of Repayment Plan:
1. Plan Proposal: The debtor, in consultation with the RP, prepares a repayment plan outlining how the debts will be settled or restructured.
7.Creditors' Meeting:
1. Approval of Plan: The repayment plan is presented to the creditors in a meeting. The plan must be approved by at least 75% of the creditors in
value.
8.DRT Approval:
1. Judicial Confirmation: Once approved by the creditors, the repayment plan is submitted to the DRT for final approval.
9.Implementation:
1. Execution: Upon DRT approval, the repayment plan is implemented under the supervision of the RP.
10.Discharge or Bankruptcy Order:
1. Successful Completion: If the repayment plan is successfully completed, the debtor is discharged from the remaining debts.
2. Failure: If the repayment plan fails or is not approved, the DRT may pass a bankruptcy order, leading to the liquidation of the debtor’s assets to
repay creditors.
Benefits of the Bankruptcy Process

1.Structured Resolution: Provides a clear and structured process for resolving insolvency.
2.Debt Relief: Offers relief to debtors by restructuring debts or liquidating assets in an
orderly manner.
3.Creditor Protection: Ensures that creditors' interests are safeguarded and they receive a
fair share of the debtor’s estate.
4.Moratorium: Protects the debtor from ongoing legal actions and recovery proceedings
during the process.

Limitations and Challenges

1.Time-Consuming: Despite being time-bound, the process can be lengthy due to procedural
complexities and legal challenges.
2.Resource Intensive: Involves significant legal and administrative costs, which may be
burdensome for the debtor.
3.Credit Impact: Adversely affects the debtor’s creditworthiness and future borrowing
capacity.
4.Implementation Issues: Ensuring effective implementation and monitoring of the
repayment plan can be challenging.

The bankruptcy process for individuals and partnership firms in India, governed by the IBC,
provides a systematic approach to resolve financial distress. It balances the need for debt
relief and fair creditor repayment through a structured and judicially supervised mechanism.
While offering significant benefits like debt relief and creditor protection, the process also
faces challenges related to time, costs, and implementation. Overall, it is a vital tool for
managing insolvency and promoting financial stability.
 Q.3 Evaluate classification for stipulation of standard terms & Condition under
Debt Restructuring (CDR) mechanism.
The Corporate Debt Restructuring (CDR) mechanism in India was introduced to facilitate the restructuring of corporate debt and address the growing
issue of non-performing assets (NPAs) in the banking sector. As part of the CDR process, standard terms and conditions are stipulated to ensure
consistency, transparency, and fairness in debt restructuring agreements. Let's evaluate the classification for stipulation of these standard terms and
conditions:
Key Components of Stipulated Standard Terms & Conditions
1.Classification by Borrower Profile:
1. Industry Classification: Different sectors may have unique restructuring requirements based on their specific challenges and economic
factors.
2. Financial Health: Classification based on the financial health of the borrower, such as profitability, liquidity, and solvency.
2.Nature of Debt and Security:
1. Type of Debt: Classification based on the nature of debt, such as term loans, working capital loans, or external commercial borrowings
(ECBs).
2. Security Coverage: Determination of security coverage, including secured and unsecured debt, and the priority of repayment.
3.Restructuring Objectives:
1. Debt Serviceability: Stipulation of terms to enhance debt serviceability, including interest rate reduction, extension of repayment periods,
and moratorium on principal payments.
2. Capital Restructuring: Terms related to capital restructuring, such as debt-to-equity conversion, fresh equity infusion, or mezzanine
financing.
4.Governance and Compliance:
1. Regulatory Compliance: Ensuring compliance with regulatory requirements, including those set forth by the Reserve Bank of India (RBI)
or other relevant authorities.
2. Corporate Governance: Incorporating provisions for corporate governance, transparency, and accountability in restructuring agreements.
5.Risk Mitigation:
1. Risk Assessment: Evaluation of risks associated with the restructuring, including market risks, credit risks, and operational risks.
2. Risk Sharing: Allocation of risks between creditors and borrowers, including provisions for contingent liabilities and guarantees.
6.Timelines and Monitoring:
1. Time-bound Process: Setting timelines for the implementation of restructuring measures and monitoring progress at regular intervals.
2. Performance Metrics: Establishing key performance indicators (KPIs) to measure the success of restructuring efforts and trigger
corrective actions if necessary.
Q.4. Who can make use of the guidelines and which account will be eligible under the scheme for
sustainable structuring of stressed Assets (SGA Scheme).
The guidelines for the Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme) can be utilized by various stakeholders involved
in the resolution of stressed assets in the banking sector.
These stakeholders include:
1.Banks and Financial Institutions: Entities holding stressed assets in their portfolios can utilize the S4A Scheme guidelines to restructure
these assets and improve their recovery prospects.
2.Corporate Borrowers: Companies facing financial distress and unable to service their debts can seek recourse under the S4A Scheme to
restructure their liabilities and restore their financial health.
3.Regulatory Authorities: Regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India
(SEBI) may use the guidelines to monitor and regulate the implementation of the S4A Scheme across the banking and financial sector.
4.Insolvency Professionals: Professionals specializing in insolvency resolution and debt restructuring can leverage the S4A Scheme
guidelines to assist banks and corporate borrowers in navigating the restructuring process effectively.
5.Credit Rating Agencies: Rating agencies can utilize the guidelines to assess the creditworthiness of companies undergoing restructuring
under the S4A Scheme and provide informed credit ratings to investors.
Regarding the eligibility of accounts under the Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme), the following criteria
typically apply:
1.Debt Exposure: Accounts with aggregate exposure of INR 500 crore or more from the banking system (including non-fund based facilities)
are eligible for restructuring under the S4A Scheme.
2.Stressed Accounts: These accounts should be classified as non-performing assets (NPAs), or have been identified as stressed assets by the
bank or consortium of lenders.
3.Viability Assessment: The stressed accounts should be considered viable for restructuring under the S4A Scheme, meaning that they have
the potential to generate adequate cash flows to service the restructured debt.
4.Asset Classification: The underlying assets supporting the stressed accounts should be capable of generating adequate cash flows to cover
debt servicing obligations post-restructuring.
5.Restructuring Options: The restructuring options available under the S4A Scheme should be feasible and in alignment with regulatory
guidelines and banking norms.
It's important to note that specific eligibility criteria and guidelines may vary based on regulatory updates and directives issued by the Reserve
Bank of India (RBI) or other relevant authorities. Therefore, stakeholders are advised to refer to the latest guidelines and circulars issued by
the RBI for comprehensive understanding and implementation of the S4A Scheme.
Q.5 What are the circumstances under which liquidation of corporates may take place?
Liquidation of corporates, also known as corporate insolvency or winding-up, may occur under various circumstances, typically when the company is
unable to meet its financial obligations. Here are the key circumstances under which liquidation of corporates may take place:
1.Insolvency:
1. Inability to Pay Debts: When a company is unable to pay its debts as they become due, it may be deemed insolvent and face liquidation
proceedings.
2.Bankruptcy:
1. Bankruptcy Declaration: If a company is declared bankrupt by a court due to its inability to meet financial obligations, liquidation may
ensue as part of bankruptcy proceedings.
3.Voluntary Liquidation:
1. Shareholder Decision: Shareholders may decide to voluntarily wind up the company if they believe it is no longer viable or financially
sustainable.
4.Compulsory Liquidation:
1. Court Order: A court may order the compulsory liquidation of a company in response to a creditor's petition or other legal proceedings.
5.Failure of Corporate Restructuring:
1. Ineffective Restructuring: If attempts to restructure the company's debts or operations fail to restore financial viability, liquidation may
be considered as a last resort.
6.Violation of Statutory Requirements:
1. Non-Compliance: Persistent non-compliance with statutory requirements, such as failure to file financial statements or pay taxes, may
lead to liquidation.
7.Fraudulent Activities:
1. Fraudulent Practices: If the company engages in fraudulent activities, misrepresentation, or wrongful trading, it may face liquidation as a
consequence.
8.Inability to Attract Investors:
1. Lack of Investor Confidence: If the company fails to attract new investors or secure additional funding to support its operations,
liquidation may be inevitable.
9.Unsustainable Business Model:
1. Irreparable Business Model: If the company's business model is deemed unsustainable, and efforts to pivot or diversify prove
unsuccessful, liquidation may be deemed necessary.
10.Severe Economic Downturn:
1. Economic Crisis: During severe economic downturns or recessions, companies may face insurmountable financial challenges, leading to
liquidation.
Liquidation of corporates is a significant step that involves the sale of assets to repay creditors and ultimately dissolve the company. It is typically
considered a last resort when other measures to address financial distress or restructure the business prove unsuccessful.
 Thank You !
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