Course 1: Understanding Corporate Restructuring

• The Restructuring & Bankruptcy Framework
• Explore the various factors that lead to financial distress.
• Learn how to impute asset values based on market prices for a company’s equity and debt trading levels.
• Connect the concept of reorganization value to more traditional valuation concepts like enterprise value.
• Understand priority of claims.
• Learn how inter-creditor agreements, secured vs unsecured, maturity and corporate structure all play a role in restructuring outcomes.
• Explore how the competing motivations and interests of the stakeholders in restructuring all impact the process.

• Valuation & Recovery Analysis and Distressed M&A
• Dive deeper into common analyses, including valuation based on management projections, liquidity analysis, a recovery waterfall, and potential equity value post emergence.
• Learn how restructuring fits within a variety of strategic alternatives for firms under distress.
• Understand the mechanics of credit bidding and 363 sales
• Model valuation and capital structure scenarios and the impact on recoveries to the various creditors.

Bonus Course: Restructuring Modeling

• Working capital reclassifications such as critical vendors/AP.
• DIP financing, borrowing base and availability calculations, adequate protection payments.
• Balance sheet roll-forward schedules that maintain a consistent link structure to the cash flow statement and increase transparency.
• Fees, rejection claims and CODI.
• Model recoveries at various operating scenarios.
• Construction of a recovery waterfall that can accommodate scenarios that deviate from the absolute priority rule.

• Using conditional formatting and Excel’s native date formulas to sensitize for different filing and emergence date scenarios.
• Avoiding circular references in the model while maintaining model integrity.
• Incorporating best practices for error-proofing, auditing, and model efficiency.
• Understanding how Fresh Start Accounting affects the model.

Bonus Course: Demystifying Restructuring Investment Banking

• For incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge.
• Restructuring IB process overview.
• Learn the skills you’ll need early in your IB career.

• Walk through the analyses and modeling-related techniques used by early-career IB analysts and associates using a case-study.
• Assumes little to no prior knowledge of restructuring.

Using real case studies and a step-by-step approach, learners will be introduced to the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques. Learners will explore the various factors that lead to financial distress and how to impute asset values b …

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Restructuring Modeling

Demystifying Restructuring Investment Banking for Incoming Analysts and Associates

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