On Monday, Primus Telecommunications Group announced it and three affiliated holding companies were undertaking “consensual financial restructuring” with various debt holders – Chapter 11 bankruptcy by most any other name.

Under the bankruptcy proceedings, the holding companies would shed more than 50 percent of their principal debit obligations – around $315 million – reduce interest payments by more than 50 percent, and extend certain debt maturities in exchange for stock and warrants to the debtors. Before entering bankruptcy, Primus had anywhere from $500 million to $1 billion in debt and $100 million to $500 million in assets.

None of Primus’ operating companies in the United States, Australia, Canada, India, Europe and Brazil are included in the filing, and all operating units are expected to continue to manage and operate their businesses without interruption as a result of the filing. If anything, the operating companies are happy because they don’t have to funnel cash back to the mother ship for debt service.