This study is about the corporate restructuring of Korea's twelfth largest chaebol Halla Group, which was capsized into bankruptcy in the wake of 1997 currency, but unlike other several bankrupt chaebols, had succeeded in speedy restructuring. Halla Group had employed the so called creative two step Rothschild Restructuring Program; first step was to separate the cross guaranteed affiliated firms from each other by steep discounts and paying back the outstanding debt by bridge financing, second step was to sell the newly freed affiliates to the foreign investors and using the proceeds to pay off the bridge loan. Instead of court nominated trustee, the ex-management of Halla Group, had exercised powerful leadership through the whole restructuring process. The policy implication of the restructuring of Halla Group is that in Korea’s bankrupt chaebol restructuring, the Rothschild Restructuring Programs can be a good reference, and the debtor itself can be a good candidate as the trustee in corporate restructuring.