- Creating a plan to restructure a debtor's business and restore its financial health. The New York Times Financial Glossary
* * *reorganization re‧or‧gan‧i‧za‧tion [riːˌɔːgənaɪˈzeɪʆn ǁ -ˌɔːrgənə-] also reorganisation noun [countable, uncountable]1. the process of changing the structure and working arrangements of a company or organization:
• the latest in a long string of corporate reorganizations
• The three new posts were created in the reorganization of the company's business groups.2. FINANCE the act of officially organizing a company and its finances in a new way because it has become bankrupt:
• The company has until 3 March to file a reorganization plan.
• They may seek protection from creditors in a Chapter 11 reorganization (= a reorganization under US bankruptcy law ) .
* * *reorganization UK US (UK also reorganisation) /riːˌɔːgənaɪˈzeɪʃən/ US /riːˌɔrgənəˈzeɪʃən/ noun [C or U]► HR, MANAGEMENT, WORKPLACE a change in the way that something such as a company is organized, in order to improve it: »
a radical/sweeping reorganizationannounce a reorganization »
The company may announce a reorganization of management before the end of this year.► LAW, FINANCE, WORKPLACE in the US, a change in the way a company and its finances are organized after it has gone bankrupt: »
a plan of reorganization/reorganization plan»
The New York-based investment firm was a member of the company's creditors committee during its recent bankruptcy reorganization.
Financial and business terms. 2012.