Restructuring Process Research Articles

Recovering Value in Distressed Companies: A Case Study of Tuban Petrochemical Industries and its Subsidiaries

This study aims to investigate the restructuring process of PT Tuban Petrochemical Industries (Tuban Petro) and its subsidiaries, formerly owned by the ex-National Bank Restructuring Agency (IBRA). The study also seeks to examine strategic initiatives aimed at increasing competitiveness and effecting leadership, organizational and stakeholder changes to achieve value recovery. This qualitative study employs an explanatory case study approach. Data were collected through unstructured interviews and archival studies. The market multiples approach was used to measure the estimated stock value. The results indicate that the turnaround strategies and efforts successfully unlocked value during the distressing conditions. Strategies for restoring competitiveness, changing leadership and organization, and gaining stakeholder support were crucial for achieving value recovery. In distressed companies, shareholders, suppliers, distributors, and creditors play a significant role in restoring competitiveness and driving changes in leadership and organization. The estimated value recovery shows that the turnaround was implemented through a strategy with costs and a long value recovery time. This study fills a gap in the literature as few studies have examined the restructuring of ex-IBRA assets due to limited access to comprehensive information. The findings provide an alternative evaluation of the restructuring process and the strategies implemented, which can inform future strategies for similar distressed companies facing crises.

ДОВОЕННЫЙ СССР И НАЦИОНАЛЬНЫЙ ВОПРОС: АДЫГЕЯ В ОЧЕРКЕ АМЕРИКАНСКОГО ЖУРНАЛИСТА ДЖ. КЬЮНИТЦА (1931)

This article analyzes an essay by the American writer J. Kunitz, who traveled across the Republic of Adygea in the early 1930s as part of a group of foreign writers to the southern parts of the USSR. The main theme of the essay of the foreign journalist was the consideration of the methods and ways of solving the national question in the Soviet Union using the example of the Adyghe population. At the same time, the essay examines the process of a radical restructuring of the na-tional republic, both in terms of production and economics, and as part of a change in the very so-cial structure of traditional Caucasian society. Kjunitz documents the transformation of funda-mental social institutions in Adygea, such as the role of the family and women, religion, and edu-cation, in comparison to pre-revolutionary eras. The American author expresses his feelings open-ly, passionately praising the changes he sees before his eyes as modernization and a true “cultural revolution” in the life of the Adyghe people.

Organizational commitment and work involvement on employee work agility in the restructuring condition

In order to increase the productivity of the sugar business performance as well as assist the Government in realizing national sugar self-sufficiency, PT. XYZ restructured the sugar business. The business restructuring will certainly bring about significant changes in each business area, including organizational changes. The condition of business restructuring requires employees to be adaptive, resilient and proactive or in other words have good workforce agility. In addition, employees' organizational commitment and employees' job involvement in business restructuring conditions are a key variable for the business restructuring process to be successful. For this reason, this study aims to determine the effect of these two variables on employee work agility. The method used is a survey method by distributing three scales (OCQ, JIS, and WAS) online to research participants who are Management Employees of PT. XYZ working in Sugar Commodity. The analysis used in this research is a quantitative method using simple regression analysis. The results of this study indicate that first, there is a significant and positive effect of organizational commitment on workforce agility as evidenced by the t-value of 8.818 and a significance of 0.000. Second, job involvement also has a significant and positive effect on workforce agility as evidenced by the t-value of 10.399 and a significance of 0.000. Third, from the calculation of the coefficient of determination, it can be concluded that organizational commitment and job involvement have the influence on workforce agility of 29.1% and 36.4%, respectively.

Transformation of Urban Space before and after the Greek Revolution

This article aims to uncover the links between the 1821 Greek Revolution and the transformation of the social topography and landscape in Mega Revma (Arnavutköy), a Bosphorus village with a large Greek Orthodox population. In the eyes of the sultan, the Phanariots were the ones who “misled the loyal Greek reaya to rebel against their rightful sovereign”. Thus, it is not surprising that Mega Revma, as a centre of Phanariot life, was a place transformed by the crisis of 1821. The processes of social and religious restructuring of Mega Revma took place in two main phases. While the first phase (1821–1828) consisted of more violent and immediate responses to the revolution, the second phase was a long process that aimed to Islamise the village using conciliatory measures and building projects.

Eğitim Alanı Olarak Öğrenen Organizasyonlarda Sistematik Düşüncenin Değişim ve Gelişim Süreci

Today, many organizations are trying to become a learning organization in order for individual, team and organizational structures to create, nurture and share knowledge. These organizations that are trying to become a learning organization are also changing their structures. In the restructuring process, there is a question of creating a business organization in teams, creating smaller business units and profit centers that will enable decisions to be made to obtain, share information and improve customer service or product quality. In order to understand how the functioning of learning organizations is and especially how the results of their work change over time, learning organizations devote themselves to systematic thinking, that is, to learning about multiple factors, short- and long-term results, feedback loops and other systematic events. Learning organizations are environments where people are constantly expanding their capacities to create the results they want to achieve, where the formation of new thought patterns is encouraged, where working together encourages achieving results, and where people are constantly learning how to learn better together. By creating a common vision in learning organizations, learning is removed from individuality and disseminated to the entire organization. To create a learning organization, to develop relationships and gain strength in cooperation in order to benefit from different knowledge, skills and experiences. Employees who can manage themselves, are sociable, investigative, innovative, discover, produce, develop, use and share information are the basic element of organizations that learn. Employees obtain information from various sources inside and outside the organization. This information is needed for use in current and future missions and operations. Key Words: Field of Education, Learning Organization, Systematic Thinking

Perlindungan Hukum Debitur Perbangkan Akibat Wanprestasi Perjanjian Kredit Masa Pandemi

This study is to determine what kind of efforts are obtained legally against bank customers in bad credit problems during the pandemic and whether execution is a final solution in a bad credit problem, using normative legal research methods, it was concluded that the protection of debtors who have access to credit facilities during the Covid-19 pandemic includes; First, the government issued a policy in the form of Presidential Regulation No. 12 of 2020, which concerns the determination of Corona virus disease in natural disasters nationally in 2019. The spread of natural disasters (Covid-19). Regulation of the Financial Services Authority of the Republic of Indonesia Number 11/POJK.03/2020, . regarding the impact of the national economic stimulus counter cyclical policy on the spread of the corona virus disease in 2019, by itself Law No. 8 of 1999 Consumer legal protection, including debtors, is guaranteed according to the provisions. 2. The bank's actions in assisting the settlement of bad loans during the Covid-19 pandemic have several stages, so legal protection to debtors applies, so banks do not necessarily execute debtors' collateral or guarantees. However, banks provide settlement solutions to bad debtors so that the ability to pay the stuck debtors will slowly return to normal during this pandemic, so that the bad collectibility can become smooth, namely through the Restructuring process.

Analisis Restrukturisasi Piutang Kredit Pemilikan Rumah Pada Bank BTN Kc Sukabumi

The purpose of this study is to find out how the credit/receivable restructuring process at Bank BTN Kc Sukabumi is. The method used in this study is a qualitative descriptive method using both methods of data collection. Observations of the problem in the form of interviews were examined both as primary and secondary sources. Based on the research results obtained, the process of restructuring mortgage credit/receivables at Bank BTN KC Sukabum was carried out by dividing it into several patterns, namely there were 3 patterns, arrears to increase current installments, addition of time period, new installment period. After all that has been done, along with the submission process, there is a form that must be filled in, the conditions are such as KTP, NPWP, after that if the files are ready the bank will process the Pia Ilon tool/system at the bank to see what the results are displayed, later there is an addendum (additional letter of agreement) regarding the restructuring, whether approved or not, and if approved, which of the three drafts is approved.

Village Design Guidelines as a Tool for Defining Post-Disaster Earthquake Resistant Local Architectural Organization Policies

Due to the destruction of disasters re-establishment of the settlement required to be constructed in a limited time. In the restructuring process of built environment, the primary expectation is to provide risk management against earthquake effects. However, planning decisions developed solely for this purpose may cause the loss of the local characteristics of rural settlements within the borders of the same province vary due to natural and social factors. As a solution, in the scope of the study the earthquake-safe construction model that will develop on reading the potentials of the place is discussed through village design guides. The content approach consists of pre-disaster documenting the local architectural identity data and local earthquake resistant design values determined by inventory analysis. The next step is based on the collection of damage indicators in the post-disaster period to determine the issues requiring improvement. It is envisaged that the parallel development of this content with the legislation will ensure that the guidelines become a design policy in the process of earthquake safe rural construction. Thus, rural planning that is economically, ecologically, and culturally earthquake-resilient can be possible with reference to local architectural identity values.

THREE-DIMENSIONAL BROWNFIELDS: THE TRAGEDY OF THE MINING COMMUNITIES

The processes of active restructuring in the mining industry of many countries have entailed the physical closure of enterprises, accompanied by measures to mitigate their environmental and social impacts. Brownfields that emerged in districts with developed mining industries are predominantly perceived through a stereotypically flat, superficial, and narrowly literal lens. Adhering to such an approach is risky both in terms of ecology and in the aspect of economic losses incurred in territories with concentrated localization of mines. The article provides substantiation for the importance of perceiving brownfields within a threedimensional space, with due consideration given to geological deformations, dynamics of underground water and gas flows, and the potential of gravitational and geo-thermal energy. The authors propose interpreting brownfields as either oper ating or abandoned industrial sites with buildings and infrastructure facilities on the ground surface, as well as natural landscapes that are negatively affected by geological, hydrodynamic, and gas-dynamic processes characteristic of the disturbance of the subsoil due to underground or open-pit mining operations. The reuse and recycling of industrial waste accumulated within brownfields alone cannot ensure the survival of coal-mining towns. Similarly, depopulation cannot be halted solely through economic instruments. Thus, the strategy for the development of coal-mining towns should entail ‘enlightened’ restructuring in line with the ideas of ‘Smart Shrinking’.

Regional manufacturing in the Czech Republic

ABSTRACT The New Economic Geography (NEG)’s agglomerative forces strongly determined the location of firms, in spite of policy intervention blatantly activist intended to reverberate the geography of production (during the communist regime). Recent models of geography and trade recognize a bijective interaction between NEG forces and comparative advantages, they fully explain productive specialization. Our interpretation of the Czech manufacturing is in accordance with the NEG and its recent integration with the comparative advantages stream. In the panel data float up some invariant characteristics enhancing the attractiveness of traditional industrialized territories. The estimates embody the population density and gravitational and agglomeration forces. The time-invariant characteristics are present in the most industrial regions, influencing the localization of manufacturing activity in these spots. In spite of the forceful influence of path dependence, the very manufacturing cores underwent a process of restructuration, adapting the old-fashioned specialization pattern toward a more coherent production tailored to local assets, endowments and technologies.

COMPOSITION OF FATTY ACIDS OFTHE TOTAL LIPIDS IN PARR AND SMOLTS OF ATLANTIC SALMON SALMO SALAR L. REARED UNDER DIFFERENT LIGHTING MODESIN AQUACULTURE

In the framework of this study, an experiment was carried out on the introduction of constant artificial lighting (24LD) into the standard technology for growing salmon juveniles under conditions of the southern region (Republic of North Ossetia-Alania) and its effect on the composition of fatty acids (FA) of total lipids in muscles and liver parr and smolts of the Atlantic salmon Salmo salar L. It has been established that the FA spectrum of fish is characterized by a change in the key FA factors, indicating the full completion of smoltification and the readiness of smolts for new habitat conditions: a significant increase in the content of polyene FAs (PUFAs) due to (n–3)PUFA, and in them FA of the “marine” type – 22:6(n–3), high values of the ratios (n–3)/(n–6)PUFA, 22:6(n–3)/18:3(n–3).The most significant changes were noticed in the muscles, and for all experimental groups it was found that a decrease in saturated fatty acids (SFA) and an increase in total lipid unsaturation occurs primarily due to PUFAs, while monoene FAs decrease along with SFAs. The data of experimental studies of the lipid and fatty acid composition of salmon youngs, as well as a higher proportion of smolts in the studied groups of fish, indicate that the most successful process of smoltification restructuring occurred in groups with constant lighting and 24 hours feeding and a natural regime of lighting and feeding.

Dynamics of coastal tourism: drivers of spatial change in South‐East Asia

Coastal tourism has grown significantly across South‐East Asia from the 1960s, particularly in three key destinations hosting large tourist numbers: Indonesia, Malaysia, and Thailand. It encompasses different scales from basic backpacker accommodation in budget enclaves to large scale capital‐intensive luxury resort enclaves. Coastal tourism studies typically range from descriptive analyses of destinations’ evolutionary dynamics and resort morphology to more granular ethnographic inspections of socio‐economic patterns of transformation and resource conflicts. More recent critical research theorizes the spatial reorganization of coastal tourism in relation to economic restructuring processes. Although national tourism policy and economic development is often analysed, forces shaping coastal tourism development have been little examined and research typically focusses on impact case studies without analysing the underlying political economy. This paper interrogates the political‐economic drivers of the historical‐geographical and spatial organization of coastal tourism in these three major destinations and demonstrates how processes of tourism capital accumulation are experienced/contested via intensified commodification leading to increasingly complex and diversified coastal tourism political economies.

Rethinking South African Higher Education Institutions Role Towards Curriculum Restructuring

The article shed light on the crucial process of restructuring the curriculum and emphasized the need for proactive engagement, despite the challenges that impede effective learning and teaching. The transformation of education in South Africa is a topic that deserves more attention, particularly considering the positive impact of the Covid-19 pandemic, which accelerated the integration of technology into learning and teaching worldwide since 2020. This acceleration has prompted urgent changes in various operational aspects of higher education institutions (HEIs). The main focus of this article was to highlight how higher education institutions should approach the restructuring of the curriculum to ensure sustainable transformation. Although the need for this transformation has long been recognized, there has been limited resistance against the prevailing Eurocentric model upon which South African university’s foundational academic organization is built. The author argued that despite efforts to counter Eurocentrism, the South African educational system remains dominated by it in all aspects. To assess the role of higher education institutions in promoting effective learning and teaching through curriculum restructuring, this theoretical paper thoroughly examined the topic of restructuring the curriculum at South African universities. The theoretical framework for this study drew upon the principles of socio-cultural theory, curriculum development and the role of HEIs in curriculum reform. These approaches aim to comprehend how higher education institutions sustain and perpetuate exclusion through Eurocentric epistemology and pedagogical practices. Based on the findings, it was concluded that the struggle to normalize higher education must continue. The article emphasized the ongoing need for change and transformation in higher education institutions to address the deficiencies caused by Eurocentric influences and ensure an inclusive and effective learning environment. Keywords: Higher Education Institutions, Socio-Cultural Theory, Curriculum Development, Decolonisation, Transformation

Restructuring and serving web-accessible streamflow data from the NOAA National Water Model historic simulations

In 2016, the National Oceanic and Atmospheric Administration deployed the first iteration of an operational National Water Model (NWM) to forecast the water cycle in the continental United States. With many versions, an hourly, multi-decadal historic simulation is made available to the public. In all released to date, the files containing simulated streamflow contain a snapshot of model conditions across the entire domain for a single timestep which makes accessing time series a technical and resource-intensive challenge. In the most recent release, extracting a complete streamflow time series for a single location requires managing 367,920 files (~16.2 TB). In this work we describe a reproducible process for restructuring a sequential set of NWM steamflow files for efficient time series access and provide restructured datasets for versions 1.2 (1993–2018), 2.0 (1993–2020), and 2.1 (1979–2022). These datasets have been made accessible via an OPeNDAP enabled THREDDS data server for public use and a brief analysis highlights the latest version of the model should not be assumed best for all locations. Lastly we describe an R package that expedites data retrieval with examples for multiple use-cases.

Philosophical and Methodological Challenges of Creativity

At all stages of its development, higher education considered the training of an educated specialist capable of improving their professional qualities, reproducing and expanding social experience, transforming the material conditions of society and its culture as well as accumulating and creating new values and knowledge as its main goal.
 At a certain stage, however, this social function of higher education – the formation and development of a creative personality of a specialist, became distorted, devalued, and lost its fundamental meaning. Higher education gradually began to lose its creative functions.
 The process of restructuring the political, spiritual, social, and economic life of society has posed new questions about the individual and the objective need for increasing the role of the creative personality.
 Studying the patterns of students’ thinking development, the peculiarities of their socialization under new conditions, and the realization of the creative abilities of the individual, while changing priorities and values, allows for predicting promising trends in the development of science, technology, and culture in the nearest future.
 An important methodological principle that should be embedded in the center of educational policy during the predicted period is the recognition that the progress of any society is measured by the ability to realize the essential capacities of individuals, their degrees of freedom, moral self-improvement, personal development, and the movement of society towards a new historical form of humanism.
 An individual in society should be free and retain the freedom of conscience, thought, skills, profession choice, cultural interests, aspirations, and priorities.

MicroRNAs as Potential Biomarkers of Post-Traumatic Epileptogenesis: A Systematic Review.

Structural or post-traumatic epilepsy often develops after brain tissue damage caused by traumatic brain injury, stroke, infectious diseases of the brain, etc. Most often, between the initiating event and epilepsy, there is a period without seizures-a latent period. At this time, the process of restructuring of neural networks begins, leading to the formation of epileptiform activity, called epileptogenesis. The prediction of the development of the epileptogenic process is currently an urgent and difficult task. MicroRNAs are inexpensive and minimally invasive biomarkers of biological and pathological processes. The aim of this study is to evaluate the predictive ability of microRNAs to detect the risk of epileptogenesis. In this study, we conducted a systematic search on the MDPI, PubMed, ScienceDirect, and Web of Science platforms. We analyzed publications that studied the aberrant expression of circulating microRNAs in epilepsy, traumatic brain injury, and ischemic stroke in order to search for microRNAs-potential biomarkers for predicting epileptogenesis. Thus, 31 manuscripts examining biomarkers of epilepsy, 19 manuscripts examining biomarkers of traumatic brain injury, and 48 manuscripts examining biomarkers of ischemic stroke based on circulating miRNAs were analyzed. Three miRNAs were studied: miR-21, miR-181a, and miR-155. The findings showed that miR-21 and miR-155 are associated with cell proliferation and apoptosis, and miR-181a is associated with protein modifications. These miRNAs are not strictly specific, but they are involved in processes that may be indirectly associated with epileptogenesis. Also, these microRNAs may be of interest when they are studied in a cohort with each other and with other microRNAs. To further study the microRNA-based biomarkers of epileptogenesis, many factors must be taken into account: the time of sampling, the type of biological fluid, and other nuances. Currently, there is a need for more in-depth and prolonged studies of epileptogenesis.

Intersecting Programme Design Thinking in Business disciplines in a new Technological University

This reflective paper discusses how design thinking principles and stages can support a people-focused collaboration between two new Schools in a new Faculty of Business in a new technological university (TU) in Ireland; TUs are a new entity for the higher education sector in the country. The layers of ‘newness’ and uncertainty in the context of this work enabled design principles to be a useful complemental tool for our planning. There are currently five TUs in Ireland with TU Dublin being the first established in January 2019. Technological Universities have been founded to address the social and economic needs of their region and to engage in industry-focused research. A focus is on science and technology programmes that are vocationally and professionally oriented, and a key aspect of the TU remit is an expectation to play a pivotal role in facilitating access and progression for students particularly through relationships with the further education and training sector. The collaboration is between two Heads of School in this context who are using design thinking to help shape their future business programme portfolio for the next 3-5 years. In such a novel situation that we found ourselves in 2022-23, dealing with change at multiple levels required new ways of thinking. This work was part of a University-wide School and Programmatic Review process where people-focused curriculum and learning design involved the academic staff and students who constitute new disciplinary-based programme design teams. We believe that design thinking can provide us with a set of shared principles, processes, practices and attitudes that encourage our disciplinary teams to “think like designers” through a complex process of restructuring our programme portfolio in this new technological university context.

To Di World: Jamaican soccer, poiesis and post-colonial transformation.

This article presents a case study of an innovative culturally based therapeutic approach using collective poiesis to improve the functioning of a youth sports team in Jamaica. In recent decades, Jamaica has endured high levels of violence and corruption, and has been ranked among the top four countries in the world in terms of murder rate per capita. We conjecture that a high prevalence of personality disorder linked to the legacy of slavery and colonialism often impedes Jamaicans from achieving success in diverse fields, including sports. Psychological interventions in the preparation of football teams are a novelty, and have been used mainly to enhance global team performance or individual player skill. The use of psychological interventions to address personality disorder psychopathology on the soccer pitch has not been reported. Psychohistoriographic cultural therapy (PCT) integrates psychological perspectives with a dialectic method of historical analysis and uses collective poiesis as a vehicle to translate insights through an embodied cognitive restructuring process. Two workshops were carried out with a high school football team using PCT techniques. The process of dialectic reasoning engaged their collective ideas and insights to establish a psychic centrality that was expressed in poetic form to illustrate the pathologies of the group in an emotionally safe and psychologically acceptable narrative. This poetic narrative of the group's psychic centrality counters the personality disorder psychopathology caused by the lingering intergenerational wounds of slavery, colonial oppression and collective trauma.

ON THE QUESTION OF USING GIS TOOLS IN THE STUDY OF PALEOVALLEY IN THE VERCHNY PRUT BASIN

This article is devoted to the complex issue of the use of GIS in the study of the stages of the formation of the water network of the rivers of the Ukrainian Carpathians, the identification and study of ancient flow valleys, morphogenesis and features of high terrace levels and paleovalleys in different periods of their formation. It is the use of new modern methods of digital mapping and geo-informational tools in research that allows us to look in a new way at the seemingly already known and defined problematic issues of the clarity of the stages of the origin and formation of the basins of the river systems of the Ukrainian Carpathians and their gradual stabilization within modern limits. It would seem that the position of leading specialists, Ukrainian geomorphologists (P. M. Tsis, K. I. Gerenchuk, M. S. Kozhurinoi, Y.S. Kravchuk, V. M. Klapchuk and others) has been clearly formulated for a long time thanks to the use of new geoinformation technologies and accessibility to modern software opens up new opportunities for its review and refinement. Currently, an important aspect of the study of basin systems of mountain regions, such as the territory of the Ukrainian Carpathians, is the application of not just a cartographic research method, with the corresponding results of visualization, zoning or the creation of appropriate map schemes, but the use of system analysis, thanks to GIS applications (TIN interpolation qgis) and the creation of appropriate models, which allows us to reveal in more detail the complex issues of the transformation of ancient valleys and their modern reflection in the relief of this territory. It is the ambiguous conclusions and results of previous researchers that encourage the use of new, more progressive methods, which will make it possible to better substantiate and determine how the processes of restructuring of the river network of the southeastern macroslope of the Ukrainian Carpathians took place, as well as to reveal the reasons for these changes. It is especially important to take into account and rely on changes in the configuration of the Upper Prut river system network at various stages of its functioning and development. This complex and not fully resolved issue, the transformation of ancient flow valleys in the Pliocene–Pleistocene period, is extremely important for the understanding of modern channel processes on the rivers of the Upper Pruth basin, as it still has a significant impact on the perception of the modern view of the river network of the studied basin and the inherited nature of macroforms riverbed in its separate sections. Keywords: GIS; digital topographic base of the Earth: SRTM; paleogeomorphological analysis; paleovalley Chornyy Cheremosh river; paleovalley Chornа Tysa river; paleovalley of the Lyuchka and Oslava rivers.

The Credit Restructuring as a Step for Bank Financial Rescue

One effort to minimize potential losses from problem loans is that banks can carry out credit restructuring. Implementing credit restructuring for problem loans means that debtors can again fulfill their obligations to the bank, namely in the form of paying principal installments and/or credit interest which has been given relief tailored to the debtor's capabilities. The result of credit restructuring is that the debtor's business continuity becomes viable again so that the debtor can fulfill his obligations to the bank. The obstacles that arose in the restructuring process were able to be overcome by the bank optimally and proportionately. The solution adopted is also a method that is profitable for both parties, so that both parties (debtor and creditor) avoid the element of loss.