Corporate Debt Refinancing (CDR) is a new and emerging concept in finance. The article help to learn more about debt refinancing, the survey made with European markets from Borrower and Lender on growth of debt for 3 years (2011 to 2013). Due to competitive environment, the firm undergo refinancing or restructuring of existing policy. The reason for refinancing is reduction of interest rates or the extension of the loan's terms. A study made in this paper to know more about debt refinancing a case issue with Essar Groups and Suzlon Energy Company. To maintain a corporate financial health and credit rating improvement create interest rate lower. Most of the Indian corporate decided to undergo the concept of refinancing makes a rupee loans with cheaper dollar credit. This paper discusses the risk element and crises in the financing market. A study reveals the how Essar group company refinancing of overseas loan for their survival in global market and Suzlon recast their debt for further operation. However, Refinancing debt is a difficult and expensive process, particularly for corporation. Debt Refinancing is a supportive element for a cash flow and firm need a sound asset management to implement this concept.