Corporate Restructuring focuses on two broad groups of corporate restructuring procedures: corporate break-ups and highly leveraged transactions. Corporate break-ups include techniques to sell off and/or securitize part of the firm. They include divestitures, spinoffs, equity carve-outs, and, for a brief period, tracking stock. Highly leveraged transactions involve a significant increase of debt in the firm's capital structure, either through a debt-financed special dividend in a leveraged recapitalization, or in leveraged buyouts (LBOs), in which the entire firm is acquired by a financial buyer. Corporate restructuring may be initiated by top-level management, by divisional managers, or by outside sponsors like buyout funds. Occasionally, the restructuring is defensive, arising in response to a control threat from the market for corporate control. Regardless of who initiates the transaction, the parties are likely seeking to improve operating efficiency, increase cash flow,
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