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Wall Street Prep

Corporate Restructuring

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Wall Street Prep Certification Program

Corporate Restructuring

  •   67 Lessons
  •   4h 42m
  •   17,958 Students

Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common restructuring techniques. Includes 2 Bonus Courses: Restructuring Modeling and Restructuring Primer for Junior Bankers.

Understand the Restructuring and Bankruptcy Process

  • Step-by-Step Video and Real Case Studies

    Using real case studies and a step-by-step approach, you will learn the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques.

  • Taught by Experienced Restructuring Instructor-Practitioners

    This is the same training program Wall Street Prep delivers to restructuring groups at some of the world's top investment banks. It is taught by former investment bankers who have worked on high-profile corporate restructuring deals.

  • Shareable Certification

    Enrollment includes the option of sitting for the Corporate Restructuring Certification Exam. Those who successfully pass the exam can present their achievement on their resumes and LinkedIn (see below).

  • What You Will Learn

    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.
    Model some of the most challenging aspects of a bankruptcy, including:
    • 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.
    • 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.

    Who is This Program For?

    • Restructuring Investment Banking Professionals
    • Distressed Debt Investors
    • FP&A and Corporate Finance
    • Turnaround Consultants & Advisors
    • Private Equity Professionals
    • Anyone interested in corporate restructuring

    What's Included

    67 Lessons
    4h 42m

    Understanding Corporate Restructuring

     67 Lessons  4h 42m

    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 ...

    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, con ...

    Using real case studies and a step-by-step approach, learners will be introduced to the central cons ...

    View Course TOC
    34 Lessons
    5h 55m

    Bonus Restructuring Modeling

     34 Lessons  5h 55m

    This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we will learn to build an advanced bankruptcy model from scratch, incorporating bankr ...

    This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Bord ...

    This course is designed to teach restructuring and bankruptcy modeling to students an ...

    View Course TOC
    31 Lessons
    3h 8m

    Bonus Demystifying Restructuring Investment Banking for Incoming Analysts and Associates

     31 Lessons  3h 8m

    This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth overview of restructuring and identify the skills you'll need in the early days of your restructuring IB career. We begin by introducing the restructuring process as well as common pitchbook and financial ana ...

    This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth ove ...

    This course is designed for incoming restructuring bankers and current bankers lookin ...

    View Course TOC

    Course Samples

    watch video
    In-court Vs Out-of-court Restructuring, Part 1
    watch video
    Treatment Of Claims
    watch video
    Role Of Valuation In Restructuring
    watch video
    Determinants Of Priority
    watch video
    Liquidation Analysis
    watch video
    Estimated Recoveries

    Get the Corporate Restructuring Certification

    Trainees are eligible to take the WSP Corporate Restructuring Certification Exam for 24 months from the date of enrollment. Those who complete the exam and score above 80% will receive the certification. The exam is a challenging 2-hour online examination covering the most difficult concepts covered in the program.

    Course Highlights

    Used on the Street

    This is the same comprehensive course our corporate clients use to prepare their analysts and associates.

    Real Case Studies

    This course uses actual financial filings to show how restructuring is done in the real world.

    Taught by Bankers

    Our instructors are former I-bankers who give lessons real-world context by connecting it to their experience on the desk.

    Instructor Support

    Have a question on course content? Communicate directly with instructors by asking questions throughout the course.

    Learner Feedback

    Earn CPE Credits with WSP Online Courses

    Wall Street Prep is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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