It generally involves financing debt, selling portions of the company to investors, and reorganizing or reducing operations.
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The basic nature of restructuring is a zero-sum game. Strategic restructuring reduces financial losses, simultaneously reducing tensions between debt and equity holders to facilitate a prompt resolution of a distressed situation. It is generally a mechanism used by companies which are facing difficulties in repaying their debts. In the process of restructuring, the credit obligations are spread out over longer duration with smaller payments.
This allows company's ability to meet debt obligations. Also, as part of process, some creditors may agree to exchange debt for some portion of equity. It is based on the principle that restructuring facilities available to companies in a timely and transparent matter goes a long way in ensuring their viability which is sometimes threatened by internal and external factors.
This process tries to resolve the difficulties faced by the corporate sector and enables them to become viable again. In corporate restructuring, valuations are used as negotiating tools and more than third-party reviews designed for litigation avoidance. This distinction between negotiation and process is a difference between financial restructuring and corporate finance. From the point of view of transfer pricing requirements, restructuring may entail the need to pay the so-called exit fee exit charge.
Historically, European banks handled non-investment grade lending and capital structures that were fairly straightforward. Nicknamed the "London Approach" in the UK, restructurings focused on avoiding debt write-offs rather than providing distressed companies with an appropriately sized balance sheet. Any comments? Please contact euroinfo europaeum.
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This stimulating conference looked at the extraordinarily diverse usages of the term and asked what justified means we have if any of determining or prescribing its contents. Whose Europe? Perhaps the most accurate and, at the same time, most striking portrayal of the decades of liberal dentistry hegemony in Brazil is in inter-peer relationships. Constructing a competitive inter-subjectivity in forming professional identity, now amplified by the complex competitiveness resulting from the restructuring process, follows three intertwined paths:.
Autonomy in the moral sense related to ethical values is losing space to autonomy based in a technical vision of the profession Freitas, A specialist know-how seems to be used in the special professional-patient relationship to manipulate the patient in situations in which private interest substitute the ethical commitment needed to construct dialogue.
A construct that undermines inter-peer trust and commitment: in constructing the professional and self identity. This happens in the building where I live, in the building where I work; I think that a dentist can't be friends with other dentists, he may make conversation and be friendly, but I think there is another feeling behind it" P3.
Throughout its history as a professional category, the dentistry professional has never been encouraged to develop the feeling of being part of a while, a collective, of a social reality; on the contrary, they were educated within competitive strategies in an individual-healing model. The professional is constructed as a narcissist, perceiving others as threats to their own performance. Lack of collective activity does not empower an atmosphere of solidarity or commitment to one another: achieving higher positions, improving status, getting one over on the others are all discourses constructed as an ideology.
The world after productive restructuring under the aegis of the market is one of insecurity, product of precarious employment, associated with the strong relationship between power and knowledge subsumed by interests, providing a fertile soil for growing inter-peer resentment. According to Ceccim et al.
Changing Contexts and Comparative Perspectives
A subjective professional who rejects a priori any public regulation seal of approval, and views such regulation as a function of the market itself, centered around the figure of competence and competition and with productive excellence the differential. For Milton Santos , nowadays the old rivalry is substituted by a type of competitiveness that goes as far as eliminating any form of compassion in the struggle to beat the other and occupy their place.
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Love, solidarity and commitment lose ground in the growing value of the socially uncompromised I. The ethical challenge between singular and universal, to which humans are exposed by the very presence of others, are being dismantled and individuals are increasingly seeking to liberate themselves from previously socially standardized socialized human behavior, transferring them to the political sphere of individuals loves.
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A great contradiction that results in accepting a relativization of ethics at any given moment, taking refuge in ethics limited to the particular interests of a group or company or in the hedonistic ethics of socially and historically constructed categorical imperative duties Cortina, An individualization that results in constituting the other as a thing, a direct consequence of competitiveness and social ascension at any cost, transforming affective and ethical relationships into relationships subjugated to having. Following the principle of maximum pleasure means an attitude sustained by the promise of infinite consumption.
A process that makes each of us responsible for setting our own limits, as if by a reflexive instinct: the private overtaking the public in an eternal annexation. Together with the human need to refer to themselves in a collective in order to cover the uncertainties of life, traditional inter-human ties lose their institutional protection and become transformed into an obstacle to be overcome. For Bauman , resentment appear not only in a hierarchical relationship that cannot be recognized as such - because this recognition means accepting inferiority -, but also as a feeling between equals.
In order for none to affirm and define oneself in a relationship of similar social positions, the subjects are led into an arduous struggle to reach the summit, knocking down those below. Resentment results in competition, in a struggle to redistribute power and prestige, and this can be felt "[…] at least by members of the middle classes among themselves, inciting them to compete feverishly for similar achievements, to promote themselves, at the same time as they degrade other like them" Bauman, , p.
A type of behavior in which wealth and opulence based on conspicuous consumption enforces the humiliation of those without the same purchasing power. It is seen as strange if the other does not establish this consumerist pursuit as the standard of normality.
Chris Brown, Political Restructuring in Europe Ethical Perspectives - PhilPapers
Ethics loses ground to relationships scarcely filled with fraternal ties or commitments. Especially at a time of professional crisis, in which the liberal-privatist logic no longer supports the idealized status, the condition of being respected by one's peers, deriving from the conclusion that what I do or think does not make a difference only for "me", is discouraging.
If there is no mobilization of willingness to construct collective projects, the still hegemonic processes of individualism and conformism prevail. According to Zizek , p. There is, then, an individual and collective need for reflection on work in health care, such as valuing a new collective space in constructing the "individual self", committed to the other and to the social transformations required by this commitment: "gentrification" Freire, Transformations linked to collective oral health: constructing excellence for public dentistry as an ethical problem.
Putting in more effort in the private than in the public… No, I think that we need to take the same care because, if not, you can get into bad habits that you end up carrying over to the private sector too" P4. A variety of ethical problems can be seen in automatically incorporating the traditional liberal and market logic as a hegemonic idea in public health care services too. Despite the crisis, private dentistry is still the reference for good practice, satisfaction and professional success.
According to Narvai , the historic debacle in attempting to construct an oral health care service wrought incrementally from public health dentistry, used in order to eliminate accumulated needs and aimed at schoolchildren, has not advanced public dentistry.
On the contrary, "[…] public health dentistry had the historical task of producing dentistry practice that breaks away from commercial dentistry - and it failed" p. That's quite worrying; normally, in public health care services, the idea of dentists is as a spring board or a temporary support, then you get a private practice and sort your life out financially" P1. The democratization of access to oral health is a commitment to another - unknown - and this can be seen as a significant ethical problem in oral health today. The duality of interests in the public-private mix reinforces the idea of the private-liberal service as status and financial gain, and public service as a guarantee of stability and employment advantages.
Knowledge from university appears as practice of social class, and the profession is identified with capital instead of with labor Ceccim et al. Values which construct inter-subjectivity in which the public sector is indirectly or directly aimed at those who cannot pay for care within the liberal contract framework the poor and, therefore, are without the power to demand good service.
A process constructing a feeling undervalued professionally in relation to collective dentistry which makes room for questioning the quality of activities, although these are very rarely if ever self questioned. It builds a naturalized evasion of responsibility in the public sector that affects commitment to each other and therefore ethical mediation guided by "norms. I notice professionals who don't want to work, referring the patient to others. I think this is unethical, not towards the other professional but towards the patient" P4.
However, consolidating an exclusive collective of public oral health professionals, although the minority when faced with the hegemonic labor market in Brazil, encourages a space of know-how that can be ethically and politically reconstructed as a space for reflection. A feeling of professional inadequacy is being constructed in which the collective health care professional questions the introspection of the private logic, contrasting the desire for status and social climbing of the liberal idea, in a new format of collective identity.
Professional excellence directed at the right to health as the citizens' achievement and in different bases of the exclusive market constructs, comes to mean professional transformation, under new work paradigms: team work, inter-disciplinary, non-biologist, non market oriented, comprehensive and participative.
The ethics of "it is what it is" are transposed onto the ethics of "what should be" - historically constructed professional, without renouncing collective and transforming horizons.