What is Reconstruction?

Legal Definition
Reconstruction in law refers typically to the transfer of a company's (or several companies') business to a new company. The old company will get put into liquidation, and shareholders will agree to take shares of equivalent value in the new company.

In UK company law, the governing provisions are in the Insolvency Act 1986, ss. 110–111. The sanction of a court is not required (unlike under a so-called "scheme of arrangement", which could or creditors). Yet if a shareholder objects, he or she may require a cash payment instead of shares. Creditors who object to have their debts transferred to a new company can demand satisfactions during the old company's liquidation.

Small private companies, family companies and investment trusts often use the procedure. The purposes can vary, from changing the objects of the business, varying share class rights, or reorganize before a demerger takes place.
-- Wikipedia
Legal Definition
The name communi y given to the process of reorganizing, by acts Of congress and executive action, the governments of the states which had passed ordinances of secession, and of re-establishing their constitutional relations to the national government, restoring their representation in congress, and effecting the necessary changes in their internal government, after the close of the civil wav. See Black, Const. Law (3d Ed.) 48; Texas v. White, 7 Wall. 700, 19 In Ed. 227.
-- Black's Law Dictionary
Legal Definition
Work done on a structure which has been demolished as a whole or in part. See 50 La. 378, 69 Am. St. Rep. 436, 23 South. 373. See, also, Repairs.
-- Ballentine's Law Dictionary