Restructuring

Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons for restructuring include a change of ownership or ownership structure, demerger, or a response to a crisis or major change in the business such as bankruptcy, repositioning, or buyout. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring. Executives involved in restructuring often hire financial and legal advisors to assist in the transaction details and negotiation. It may also be done by a new CEO hired specifically to make the difficult and controversial decisions required to save or reposition the company. It generally involves financing debt, selling portions of the company to investors, and reorganizing or reducing operations. The basic nature of restructuring is a zero-sum game

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La Suisse compte plusieurs dizaines de milliers d’ouvrages militaires en tout genre sur son territoire. Depuis la fin de la guerre froide et les réformes successives de l’armée, une partie croissante de ce patrimoine sert de moins en moins car il ne correspond plus aux besoins militaires actuels. Certains de ces sites aujourd’hui sous-exploités sont situés stratégiquement dans les agglomérations et disposent d’espaces et de monuments d’intérêt. Ils peuvent à présent trouver une destination civile, s’ouvrir et s’intégrer à la ville. Le projet de restructuration de l’arsenal d’Aigle a pour objectif de reconnecter l’ancien site militaire fermé à la population et à l’enceinte close, à l’espace public par des accès ouverts. Le site devient le carrefour d’axes piétons principaux entre la gare, les infrastructures sportives et les écoles, et facilite le dialogue entre les quartiers voisins. Cette place est reconvertie en intégrant un programme culturel, sportif et d’enseignement supérieur. Les bâtiments construits en pierre, bois, béton et acier sont valorisés et leurs éléments réemployés en tirant parti de leurs qualités pour un nouvel usage. Le sol complètement minéral est remanié pour donner une identité et une esthétique contemporaine à cet ensemble hétérogène, grâce à des pièces paysagères arborisées articulant les flux et les espaces. En permettant une porosité majeure, en dynamisant l’activité et en donnant de la cohérence à l’ensemble du site, le projet vise à le revitaliser.

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Industry boundaries in times of change: how do firms strategize?

Matthias Finger, Jeannine Srivastava

We are interested in markets which are being restructured or about to be created, as a result of the co-evolution of technologies and market dynamics. A systemic analysis of competition alternatives among groups of firms seems more accurate in order to understand the impact of different dynamics at the early stage of market restructuring. We observe that firms operating in a high environmental uncertainty and blurring industry boundaries collaborate rather than compete (Gual, 2004) for shaping the foundation of market characteristics and to capture future rents appropriation. The focus of the paper is about the evolution and the redrawing of market boundaries among actors in a highly regulated environment. Specifically, we address the relationship between mobile operators and mobile manufacturers, and the different innovations related to the fixed / mobile convergence. We distinguish two phases, a phase one from vertical integration to disintegration (influence of regulation) and a phase two from disintegration to the early re-integration process (influences of market forces and the co-evolution of technologies). Our focus will be on the second phase and the mobile-fixed interface. Specifically we are interested how firms strategize vis-à-vis one another in shaping the foundation of new market characteristics by altering current industry boundaries.

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