In a recent Zawya article, two lawyers--Hessam Kalantar and Owen Delaney--summarize the legal, organizational, strategic and financial issues involved in putting together debt restructuring plans for insolvent, nearly insolvent or generally distressed groups. While the article understandably leaves much to be desired concerning the actual substantive Shar`i issues related to such restructurings, the authors note that

Any successful restructuring of Shari'a compliant instruments will require consultation with, and approval from, the relevant Shari'a boards. The company's  Shari'a board will need to approve numerous facets of the restructuring plan, most notably the compliance of the various refinancing mechanisms with the precepts of Shari'a, particularly the amendments to Shari'a compliant financing arrangements and the implementation of the refinancing.  While some creditors may choose to rely on such approval, others may require that the relevant refinancing arrangements be approved by their own Shari'a board.  Upon a determination by the respective boards that the arrangements are Shari'a compliant, fatwas (or Islamic compliance certificates) in relation to the arrangements will need to be obtained. Balancing the interests of multiple Shari'a boards may be almost as time consuming as balancing the competing interests of creditors, and this should be taken into account with scheduling and timing expectations so far as consummation of the restructuring is concerned.