  In this paper, we introduce an insurance ruin model with adaptive premium
rate, thereafter refered to as restructuring/refraction, in which classical
ruin and bankruptcy are distinguished. In this model, the premium rate is
increased as soon as the wealth process falls into the red zone and is brought
back to its regular level when the process recovers. The analysis is mainly
focused on the time a refracted L\'evy risk process spends in the red zone
(analogous to the duration of the negative surplus). Building on results from
Kyprianou and Loeffen (2010) and Loeffen et al. (2012), we identify the
distribution of various functionals related to occupation times of refracted
spectrally negative L\'evy processes. For example, these results are used to
compute the probability of bankruptcy and the probability of Parisian ruin in
this model with restructuring.
