I've personally seen it go both ways, depending on the type of restructuring, the type of company, and the direction of the new leadership team. Sometimes you

I've personally seen it go both ways, depending on the type of restructuring, the type of company, and the direction of the new leadership team. Sometimes you end up with more managers, other times managers are gutted to make the company leaner. Promotions rarely come into play unless there's a strong fear that good people will leave en masse if they don't get promoted. I would say that whether it is good or bad depends on the goals of the restructuring and how well the result matches those goals. More middle management is neither good nor bad on its own - sometimes very flat organizations need more management to enforce processes and policies that let the company grow efficiently, other times very hierarchical organizations need less management between decision makers and ICs to move faster.