1. Financial distress.
Converting the existing debt of a financially distressed borrower into other debt or sometimes equity, which the distressed borrower is more likely to be able to service in the future.
Such restructuring usually involves losses for the creditors whose debt investments are converted in this way.
2. Financial strategy.
Other significant and long term changes, usually undertaken to achieve financial improvements for the future.
For example, "The Brazilian financial system has experienced a deep process of restructuring, mainly the consolidation of the number of banks, reduction of a public sector presence in the market and an increase in the participation of foreign banks." (Brazil).