This study examines the impact of corporate governance and firm characteristics on corporate restructuring in Korea after the economic crisis. We specifically analyze factors that had a bearing on corporate restructuring following the sudden economic downturn. In particular, we examine the impact of firm characteristics such as leverage levels and prior performance, together with ownership structure like insider block-holding ownership, foreign investor ownership, and institutional investor ownership on the extent of asset sales. The empirical results show that firm characteristics such as high prior performance have a negative impact on asset sales while high leverage has a positive impact. In the ownership structure, insider block holding and foreign investor ownership have negative impacts on asset sales.