But there are political risks: One creditor group, the so-called Paris Club of government lenders, would like the Nigerians to restructure debt owed to the so-called London Club of commercial creditors.
In theory, as Greece's slick restructuring of its domestic-law bonds shows, domestic-law debt should be easy to restructure.
The quickest way to reduce the burden of debt would be to restructure loans via bank-ruptcies, including bankruptcies and home repossessions.
It isn't only Germany's Europe of Rules that is restricting policy choice: Policy makers are also held back by fear of the financial markets and by their past promises, such as that Greece would be the last euro-zone government to restructure its debt.
Worse, the yard faced crippling working-capital shortages, because it never bothered to restructure its debt.
They hope to restructure some of the debt and rationalize the drilling to create a self-sustaining company where operating cash flow is sufficient to run 20-25 rigs full time in the Mississippian where SandRidge has drilling rights on over 2 million acres.
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Mr Dzurinda wants to restructure the banks, sell off state-owned firms and carry on cutting public debt.
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How exactly, for example, does Sir Mervyn think you could agree to restructure the private debt that is causing so much trouble, in an era of 24-hour news and round-the-clock leaks?
It is also offering corporations legal changes and some tax breaks to restructure and overcome the so-called "three excesses" of too much capacity, debt and staff.
The head of Germany's second-largest bank, Commerzbank, Martin Blessing says Greece should declare itself insolvent and then restructure its debt.
In the short-term, people are also going to pay for companies that don't just pare their debt but also restructure.
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