What are restructuring deals primarily characterized by?

Restructuring deals are primarily characterized by the involvement of multiple parties and a legal framework because such deals typically necessitate coordination and negotiation among various stakeholders, including creditors, equity holders, and legal entities. These deals often arise from financial distress, requiring all parties to come together to agree on how to reorganize the company's debts and operations.

The legal framework is essential as it governs the restructuring process, often including bankruptcy laws that dictate how various stakeholders are treated and what obligations the company has to meet. This complexity reflects the multitude of interests, the financial implications for each stakeholder, and the legal requirements that must be navigated during restructuring.

The other choices do not accurately capture the nature of restructuring deals. Higher levels of shareholder engagement may occur, but they do not define restructuring deals. The simplicity of negotiations is misleading, as these deals are often fraught with complicated discussions. Finally, the notion of a lack of complexity in stakeholder discussions is not representative; instead, such discussions tend to be intricate due to the divergent interests of the involved parties.