Since the outbreak of financial crisis, Korean firms became to undertake corporate restructuring. In the process of corporate restructuring, however, Korean firms faced various obstacles and resistance. From observing the case of printing paper industry, we found the difficulties of corporate restructuring and their reason. Most of the efforts to overcome structural recession were limited to inside firm level, not at the industry level. Market pressure was not strong enough, and the cost of business declining was transferred to credit bank. Intra-firm rather than inter-firm restructuring was preferred, and the restructuring activities were carried out under the system of owner manager and business group.