In a troubled debt restructuring,GAAP restructuring gains and losses are equal to real economic gains and losses for the companies involved.

In a troubled debt restructuring, GAAP restructuring gains and losses may not necessarily reflect the real economic gains and losses for the companies involved. This is because GAAP accounting is based on specific rules and principles, while the economic effects of a restructuring may be more complex and difficult to quantify. Therefore, while GAAP accounting provides a useful framework for presenting financial information to stakeholders, it may not reflect the full impact of a restructuring on the company's financial position or performance.