An out-of-court transaction, or series of transactions, that reshapes a stressed borrower's capital structure using flexibility in its existing debt documents, usually to raise liquidity, extend maturities or capture discount.

A transaction that reallocates recovery value among existing creditors: majority lenders amend the documents to create a priority tranche, exchange into it, and leave non-participating lenders subordinated.

A transfer of assets or value away from the obligor group, usually to an unrestricted or non-guarantor subsidiary, which then raises new debt secured on those assets and structurally senior to existing creditors.

New debt that ranks equally with existing secured debt against the original credit group and also receives exclusive additional credit support, such as guarantees or collateral, from outside that group.

A structure that gives participating creditors two claims against the same credit support, typically a guarantee from the credit group plus an intercompany loan from a non-guarantor borrower into that group.

A covenant barring transfers of material assets, originally intellectual property, to unrestricted subsidiaries and barring designation of asset-holding subsidiaries as unrestricted.