This article provides a omprehensive overview of the tax consequences of debt restructuring and workouts consisting in alterations (incentives) of an existing indebtedness through, among others, (i) reduction of principal amount, (ii) deferral (of interest and/or principal redemption payments) or extension of maturity date, (iii) adjustments in interest rate (both downwards - as an incentive - and upwards as the flip side of an incentive), (iv) waiver of remedies, (v) addition of co-obligor, (vi) addition of guarantor or collateral, (vii) addition of warrants or equity kickers to the debt, (viii) change of debt to a recourse debt, (ix) conversion into equity and (x) waiver of debt or declaration of subordination in combination with a clause of reinstatement upon return to a financially sound position (also in the form of reinstatable debt certificates), and increase in interest rates. The survey covers the tax treatment and consequences of the above alterations according to the domestic legislation of France. International and treaty issues are also addressed.